There's room for doubt whether Worsham Watkins can deliver on its grand design, especially considering the elusiveness of the major elements of its Renaissance Knoxville proposal. Merrill Lynch is prospective underwriter of the bonds to finance the complex. Under the resolution that County Commission is due to consider at its April 23 meeting, the county's commitment to provide the property and other backing is contingent on the bond financing. Since bond buyers are nobody's fools, their willingness to put up the money represents an acid test of the project's soundness. Assuming it goes forward, planning and design work is expected to take about nine months, followed by two years of construction leading up to an opening in 2004.
Preliminary studies project a million visitors in the first year and rising numbers thereafter.
Without putting in a nickel, the city would reap millions in sales tax revenues thanks to state legislation that provides for their retention. Ingram insists that Universe Knoxville will prove to be a boon for Renaissance Knoxville plans, which presently appear to be hung up on Mayor Victor Ashe's desk. That holds particularly true for the prospects of getting a Scripps Cable Network center as another destination attraction, he says. One of Scripps' concerns has always been that they might be the lead pony. If they're part of all of this, that concern goes away.