The group that may or may not own the Zippin Pippin has reached an agreement with one of the companies that wants to develop attractions in and around The Pyramid.

Steve Mulroy of Save Libertyland! Inc. announced Monday afternoon the group has agreed to let the Ericson Group move and renovate the Zippin Pippin roller coaster as part of Greg Ericson’s $250 million plan for The Pyramid, Mud Island and the surrounding riverfront.

The Ericson Group proposal had been known as Pyramid Adventure but recently underwent a name change to Pyramid Harbor. The wooden, 85-year-old roller coaster would be in an amusement park to be built on Mud Island. The island park would be renamed Harbor Island as part of the larger project.

Mulroy, who is also a Shelby County commissioner, estimated moving the Pippin would cost around $1 million and the renovation would cost another $65,000. That is compared to a cost of $25 million for a new steel roller coaster Ericson proposes to run up one side of The Pyramid and inside the structure.

The Herenton administration has been negotiating for nearly three years with Bass Pro Shops to develop The Pyramid. Those negotiations are set to expire at the end of January under a non-binding letter of intent between the city and Bass Pro.

Ericson is scheduled to present his Pyramid Harbor proposal to Memphis City Council members Jan. 22. He presented the plan to County Commission members in December.

The Save Libertyland! group is in a legal dispute with the city of Memphis over who owns the roller coaster, which is on the National Register of Historic Places. The roller coaster was sold at auction to the amusement park company Carolina Crossings, which then gave it to Save Libertyland! The city claims as part of the legal dispute that since Save Libertyland! didn’t move the structure off the fairgrounds property in five days, ownership has reverted back to the city.

Ericson said he hopes to reach an agreement with the city to move the nearby Grand Carousel at the former Libertyland theme park to Mud Island as well.