"When the convention center commission voted yesterday to award the Memphis Cook Convention Center contract to W.G. Yates and Sons Construction, some noted that the subcontractor's spend with minority- and women-owned businesses (MWBEs) could be the largest in the city's history.
Of Yates' base bid of $135.8 million, about $44.5 million will be spent with MWBE's, according to city estimates. That would surpass the city's MWBE goal of 30 percent, coming in at almost 33 percent. And, of that $44.5 million, $36 million will be spent with minority-owned businesses, most of which are black.
Joann Massey, the city's head of business diversity and compliance, said she isn't sure if it is the largest minority spend in the city's history in terms of gross dollars. She also noted that the money hasn't been spent yet, but said the project would be the largest over her two-and-a-half years with the city.
"It will benefit our city and our small, minority and women business owners," Massey said.
She said MWBE participation in the project will help those companies grow capacity and revenue, which could enable them to grow beyond this project.
The amount of potential diversity spend for the city is comparable to another city-changing project that the Downtown Memphis Commission granted a PILOT for, Crosstown Concourse. According to DMC data, the total minority and female spend on that project was $43.6 million."
View the Memphis Business Journal article here.