If local and state officials work out a deal for renovations of FedExForum that are expected to cost at least $550 million, the Memphis Grizzlies could sign a new 20-year lease, State. Sen Brent Taylor, R-Memphis, said in a video posted to social media on Monday morning.

Taylor posted a minute-long video on X, formerly Twitter, to update constituents on the ongoing legislative process to come up with the money needed for long-term renovations to FedExForum.

"I know a lot of you have called and written and texted me wanting to know: Are we going to be able to reach an agreement on the financing for FedExForum?" Taylor said in the video. "And the answer is yes. There are a lot of people working very hard. Matter of fact, there are people back home in Memphis with the city of Memphis, Shelby County, Memphis Tourism, they are working like the third monkey trying to get on Noah's Ark before the rain to make sure that this deal happens.

"And I am working behind the scenes as well, from the state perspective, to make sure that we have the legislation in place that will allow the Grizzlies to sign for another 20-year lease at the FedExForum."

The Grizzlies' lease at FedExForum expires in 2029. Discussions about the future of FedExForum have ramped up in recent months after local officials finalized a deal to allocate $120 million to renovations at Simmons Bank Liberty Stadium, where the Memphis football team plays its home games. The city has $230 million left in state money to allocate to various stadium funding projects throughout Memphis, and the expectation is that entire sum will go toward FedExForum.

While the Grizzlies have not said publicly how much money they want to renovate FedExForum, local officials have said it's expected to be at least $550 million. Taylor is one of a slew of state officials working on a deal in the state legislature that would change the way Memphis and Shelby County allocate money from their hotel/motel taxes, potentially generating millions more for FedExForum.

The Tigers men's basketball team also plays its home games at FedExForum.

This article originally appeared on Memphis Commercial Appeal: State senator updates FedExForum renovations, possible Grizzlies' lease