The push to refurbish Memphis's FedExForum is making legislative headway, with a recent bill aimed at securing funds without hiking up current hotel-motel tax rates. House Bill 2868, shepherded by State Rep. Kevin Vaughan, R-Collierville, got the green light from a Tennessee House subcommittee and looks to give Shelby County the flexibility to reroute existing tax revenue for the arena's renovation. However, the bill stops short of allowing the county to raise the tax itself, according to The Commercial Appeal.

State Sen. Brent Taylor, R-Memphis, who has filed companion legislation in the Senate, joins Vaughan in the legislative effort. Both bills come as part of a larger strategy to retain the Memphis Grizzlies, whose presence in the city hinges on the modernization of their home court. Vaughan credited the "graciousness of the Convention and Visitors Bureau" for enabling the legislative progress necessary for the FedExForum facelift, as reported by The Commercial Appeal.

Others in the Memphis delegation, including state Sen. Raumesh Akbari and state Rep. Antonio Parkinson, have thrown their weight behind ensuring the arena remains a vibrant part of the downtown landscape. The total projected cost for renovations is pegged at $550 million, with the state offering up $230 million, leaving a considerable gap to be filled. Redirecting existing hotel-motel tax revenue is seen as a crucial move to avoid the financial shortfall, as stated by Akbari who emphasized, "I don't know what happens to Downtown Memphis if you lose an anchor like that at the FedExForum," in an interview with Local Memphis.

The urgency is underscored by the Grizzlies' lease set to expire in 2029, with former Memphis Mayor Jim Strickland linking the lease renewal to the arena's much-needed upgrades. Residents echo this sentiment, with one citing the FedExForum as "the largest tourist attraction in the city of Memphis," as detailed by Local Memphis. Akbari's bill specifically aims to clarify that funds currently allocated can be used not just for new construction but also for renovating sports facilities, ensuring no diversion from Memphis Tourism revenues.

With the stakes high for the city's economy and civic pride, the proposed legislation by Akbari and Parkinson works to safeguard an essential asset without burdening taxpayers with additional charges. "We're trying to do everything we can to get to the number we need to do the repairs for the FedExForum, because ultimately that's going to help us keep the Grizzlies here," Akbari told Sports Business Journal. Their bill does not propose increasing the 3.5% hotel/motel tax, a figure initially floated in last year's legislation but ultimately not incorporated in the final bill which set aside $350M for various stadium renovation projects in the city.