The Memphis City Council has approved $16 million in funding for the parking garage and detention pond. The Memphis Daily News reports:
“The parking structure will be three levels and contain 450 spaces that are security monitored. Underneath the garage will be a detention basin that will alleviate “a majority piece” of the Lick Creek flooding problem, said Deputy City Engineer John Cameron.
The council’s vote coincided with a planned $19.2 revitalization by Loeb Properties Inc. for the south side of Madison Avenue at Cooper Street.
“We pledge that we will be good stewards of public funds,” said company president Bob Loeb during the meeting’s appearance cards for public speaking time.”