The price tag for a proposed athletic and recreation complex in Clarksdale has shrunk as developers put together the final details before seeking funding for the massive project.
Once sporting a $52 million construction bill, the Corey L. Moore Sports and Recreation Complex would now be built for an estimated $39 million.
That was the update delivered by developer Dwan “Dee” Brown to members of the Quality of Life Commission during its May 1 meeting at the Clarksdale City Hall.
“We’ve been working and looking at every element of the project,” Brown said, in an effort to “better deliver it in a cost-effective manner.”
The sports complex would include a 120-room hotel, 750-person-capacity conference center, zip lines, water park, rock climbing walls and five synthetic turf baseball and softball fields. It would be located on a 76-acre site at the intersection of U.S. Highways 61 and 49.
The main portion of the project would be financed through urban renewal bonds. In an April 3 meeting, the commission agreed to enter into a contract with Piper Jaffray, an investment and asset management firm that will be underwriting the bonds.
The commission is expected to meet with a representative from ComCap Partners at its next regularly scheduled meeting, at 4 p.m. Tuesday, May 15, at city hall. If agreed to by the commission, ComCap Partners would serve as the commission’s financial advisor on the project.
“They bring a wealth of experience and would be a good addition to the team,” said Brown, whose company, the P3 Group Inc., is a co-developer on the project with Hunt Companies Inc.
ComCap Partners, which is based in Memphis, Tenn., would be working on a contingency agreement and their fee would be collected at closing, Brown said.
According to its website, ComCap Partners is a registered municipal advisor with the Securities and Exchange Commission. They have served as the financial advisor in bond packages for Shelby County (Tenn.) and Jackson (Tenn.) Public Schools, and also assisted in the financing of such projects as the FedEx Forum, Electrolux Appliance and Bass Pro Shop in Memphis.
In a related matter, Brown said a solar developer had entered into a preliminary agreement to finance, operate and maintain the 20-acre solar farm that would power the sports complex. The “national company” operates seven to eight other similar projects, Brown said.
The $12 million expected cost to build the solar farm was not included as part of the original $52 million price tag, Brown said, but he added that it was a great step forward with the project as the solar farm will be maintained “via private dollars” and not require the urban renewal bonds.
Brown hopes to have the bond process completed by July 31 and construction on the sports complex is tentatively scheduled to begin this fall. Developers are anticipating 14 to 16 months of work with the complex open by the spring of 2020.
