MEMPHIS, Tenn. -- The City of Memphis is one step closer to closing on the sale of the Sheraton Hotel downtown.

During Tuesday's City Council committee meetings, City Attorney Tannera Gibson told council members that the sale should close on September 15th.

"We projected that date, but we still had one outstanding piece, but we came to what I believe is a resolution yesterday (Monday), which keeps us on the right trajectory," said Gibson.

Last year, the city approved issuing $30 million in bonds to purchase the hotel for $22 million, but negotiations surrounding the sale have taken nearly a year.

Once the sale is complete, the hotel will be operated by the Carlisle Corp. They would begin work on pre-development plans before the hotel is renovated and passed to a third-party nonprofit.

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