ECD commissioner: Memphis Megasite needs another $72M in state funding

Economic and Community Development Commissioner Bob Rolfe says another $72 million in state funding is needed to complete work on the Memphis Regional Megasite, reports the Jackson Sun. That would push total state investment in the 4,100-acre site, so far unused, well past the $200 million mark.

The state has appropriated $143.6 million for the 4,100-acre Megasite to date, but Rolfe said there is an estimated $72 million in improvements needed for the Megasite.

Rolfe broke down the $72 million needed as $32 million for wastewater improvements, $13.5 million for electrical improvements, $10 million for gas improvements, $8.5 million for water improvements and $8 million for railroad improvements.

Rolfe said his team met with Haslam to discuss their plans, but have yet to hear Haslam’s plans for the Megasite for the upcoming year.

“The governor has not come back and shared with us what he will recommend in the new budget,” Rolfe said. “He’s going to recommend additional funding in the 2019 budget, I think.”

Rolfe and the ECD team answered questions from the Megasite Authority Board at a special called Memphis Regional Megasite Authority meeting.

The definition of when the Megasite would be “shovel ready” was addressed, as that was one reason Toyota-Mazda and an undisclosed tenant recently eliminated the Megasite from consideration.