City of Memphis officials say the non-binding letter of intent includes no city or county assistance, only federal New markets Tax Credits that could provide about $30 million of equity for the project. The rest of the estimated $100-million undertaking would be covered by Bass Pro Shops, which would pay a minimum annual rent of $1 million, and more if sales exceed expectations.

Bass Pro Shops typically include laser arcades, climbing walls, archery ranges, fine gun rooms and outdoor education classes. The Memphis Pyramid location also would include an expansive boat showroom, complemented by the marina where customers can test drive boats, as well as a restaurant, a museum and a 250-room hotel. The preliminary completion date is late 2008.

"This project will be to unlike anything we have ever done," says Bass Pro Shops president Jim Hagale in a prepared statement. "It…allows us to feature unique components not seen in any of our other stores… ."

Despite the confidence in his statement, there is a major hurdle to be overcome before a binding development agreement can be hammered out: The Pyramid is the official back-up facility for the NBA's Memphis Grizzlies, which used to play in the building but now play in FedExForum. As such, an agreement also must be hammered out with the Memphis Grizzlies, who must sign off on an alternate facility or gain the right to leave the city altogether in the event a natural disaster makes FedExForum uninhabitable.

Headquartered in Springfield, MO, Bass Pro Shops has 33 retail locations, an Internet presence and a catalog business. Eight additional stores are expected to open in 2006.

The Memphis project is similar to the one Bass Pro Shops is working on in Buffalo, NY, where it plans to convert the city's old Memorial Auditorium into a store and add a hotel. The estimated $123-million project was announced in November 2004. No formal development agreement has been signed, but officials there have said recently a deal could be done in the next several weeks.

In December, Bass Pro Shops announced plans to open a mega-retail store within a hotel and casino resort in Reno, NV, being proposed by publicly held Station Casinos Inc. The development would cover 50 acres at the south end of the city, near Mt. Rose Highway and Interstate 395. Station Casinos has optioned the land for the project from Bayer Properties Inc.