Local firm commits 25 million to #SavetheColiseum
25 Million Investment
Instead of asking taxpayers to fund yet another project, this plan self funds with investment funds.
Saves a Historic Property
This plan maintains the Coliseum on the National Historic Register.
Adds 15 Million in Tax Revenue
The plan conservatively adds 15 million dollars in tax revenue over the first 5 years.
Recaptures Revenue from MS
This plan returns to Memphis an arena that can host events with an attendance of 5,000 to 10,000. These events now go to North MS venues are skip the Memphis market all together.
5% of Revenue Benefits the City
5% of revenue will go into several trust including a trust for the City of Memphis Retiree Healthcare Plan
Expand on Progress
Tiger Lane and the Kroc Center Memphis have already brought new life to the area, this plan extends that with new services for area youth and more.
Do You Have Any Questions?
Must read features from the plan . . .
Who is the Mid-South Coliseum Group?
Brian L. Saulsberry, Chief Executive Officer & Chairman. Mr. Saulsberry is the CEO & Chairman of DSG Commercial Group & Chairman of DSG Capital Group, a private equity group based in NY, NY. Mr. Saulsberry is responsible for the redevelopment of National Properties, in Memphis, TN & The Old Getwell Gardens, both were a 100 Unit Apartment Home community. In 2003, the State of TN awarded Mr. Saulsberry, DSG & Harmony Woods, Low Income Tax Credits. Lastly, Mr. Saulsberry was a lead financier in the M Street redevelopment in Washington, DC; thereby, helping to arrange $600 Million for the development of the Washington Nationals Baseball stadium. Mr. Saulsberry is a Finance graduate from Howard University & Harvard University Business School “Summer Venture Management” program.
Bob Turner, Chief Operating Officer & Commercial Real Estate Broker. Mr. Turner is the real estate broker for Southern Properties, LLC in Cordova, TN. Mr. Turner has right at 40 years of commercial real estate experience and investing. Mr. was awarded the Pinnacle Award in 2011 for Land Broker of the Year by MAAR Commercial Council. Mr. Turner was the President of MAAR in 2003 & 2004 & National Board of Governors from 1999 – 2002 & Chairman of RLI National Land Conference in 2013.
Terry Hughes, CBO & CBCO, Chief Investment Officer & Code Specialist. Mr. Hughes served as Code Specialist with Hnedak Bobo Group, Inc. from 2001 – 2009 and retired from Memphis & Shelby County Building Official in 2001 as Deputy Administrator in Memphis, TN. Mr. Hughes has over 40 years of building code and design experience. Furthermore, from 2000 – 2002, he served on the Seismic Project Engineering Panel for the Applied Technology Council &1992 Appointed to serve on the Earthquake Loads Ad Hoc Committee. Mr. Hughes is an honorary lifetime Member for the Tennessee Building Official Association.
Chief Marketing Officer, To Be Announced. Currently Taking Applications from Firms/Individuals…
Debbie Hylander, Independent CPA. Ms. Hylander has over 25 years of accounting experience with the last 16 years in the public accounting arena, providing traditional accounting, tax and business consulting services to privately held companies. The scope of her experience also includes expertise with high net-worth individuals, rental real estate professionals, 754 basis calculations, like-kind exchanges, and multi-state taxation. Debbie received her Bachelor’s of Business Administration from Christian Brothers University in Memphis, Tennessee and is a licensed Certified Public Accountant.
What is the Financial Plan?
DSG Commercial Group will form The Mid-South Coliseum Group. DSG Private Equity Group, will fund the renovation costs injunction with selected banking and/or mezzanine financing source. We have estimated construction costs from $25 Million USD to $33.5 Million, respectively.
We have identified the project as a prime candidate for New Market Tax Credits & Historic Tax Credits. We have learned via our legal advisor, Michael Bradshaw with ButlerSnow, LLP, “that a total of $7 Billion of NMTC will be coming available this fall”.
Our team has the necessary funding without the credits; however, with the credits we envision roughly $5 Million in the form of credit participation, -given we are estimating off of the lower construction value of $25 Million USD.
What are the Rent Percentage Contributions?
Rent Payment Back to City of Memphis Coffers
1.25 % of Gross Receipts of Coliseum Ticket Sales
City of Memphis Retiree Health Care Benefit Plan Trust Fund Contribution
2% of Gross Receipts of Coliseum Tickets Sales
Community Center & After School Program Fund
1 % of Gross Receipts of Coliseum Ticket Sales
City of Memphis Feed the Hungry Trust Fund
.50 % of Gross Receipts of Coliseum Ticket Sales
City of Memphis Mental Health Initiative & Homeless Trust Fund
.25 % of Gross Receipts of Coliseum Ticket Sales
The Mid-South Coliseum located at 996 Maxwell Blvd. Memphis, TN 38104, was built in 1963 and designed by architects Merrill G. Ehrman of Furbringer & Ehrman and Robert Lee Hall of Robert Lee Hall & Associates.
The history of the Mid-South Coliseum is rich and certainly legendary. It is said to be one of the first integrated entertainment facility in the United States with the opening of The Soul Man, James Brown on August 24th, 1968. Additionally, the venue has hosted acts from the great Elvis Presley, from Celine Dion to the late great soulful, Whitney Houston, to the legendary Beatles and many more.
Placed on the National Register of Historic Places in Memphis, TN on December 6, 2000, this Landmark continues to draw visitors and fans even unto this day, -even while closed. Therefore, using the facility for its’ intended purpose and legacy is essential to maintaining its’ epic landmark status and its’ memorial appeal.