Memphis City Council members considered options for the future of the Mid-South Coliseum and the Libertyland Amusement Park property, Tuesday, December 19, 2006. Council was presented a plan to close the coliseum December 31, 2006 and maintain a minimal staff so that it may still be used for graduation ceremonies and occasional events. City officials said if it were to remain a fully functioning arena, the 40-year-old building would need millions of dollars in renovations and outfitting to become compliant with the Americans with Disabilities Act. Council was also advised of a proposal to create a new amusement park on the Libertyland property. The park would incorporate much of the old Libertyland equipment, including the famous "Zippin' Pippin'" rollercoaster, a favorite ride of Elvis Presley's. The owners of Joyland in Wichita, Kansas said they would invest $5 million dollars in the project and sign a long-term lease with the city. The theme park could be operational by May, 2007 with no cost to Memphis taxpayers, Joyland officials said.