The arena officially opened in September 2004 after much debate and also a derecho wind storm on July 22, 2003, that nearly brought down the cranes that were building it near the famed Beale Street. (See Memphis Summer Storm of 2003.) It was built at a cost of US$250 million and is owned by the City of Memphis; naming rights were purchased by one of Memphis's best-known businesses, FedEx, for $92 million. FedExForum was financed using $250 million of public bonds, which were issued by the Memphis Public Building Authority (PBA).