Michael Sheffield - Staff writer
Memphis Business Journal
During its August 5 meeting, the Memphis City Council will hear a presentation detailing the redevelopment of 120 acres owned by Elvis Presley Enterprises, along with dedicating the Graceland campus as a qualified public use facility under the state Tourism Development Zone Financing Act.
TDZs, as they’re commonly known, were created by the state of Tennessee in 1998 and allow a city to receive a percentage of sales tax revenue generated by public-use facilities from the state in the form of rebates.
The Guest House at Graceland, a 450-room, $75 million hotel being built by Elvis Presley Enterprises, a $1 million, 200-seat theater is in the master plan.
In November 2013, EPE was acquired for $130 million by Authentic Brands Group LLC and National Entertainment Collectibles Association.
According to documents explaining the master plan, EPE’s investment will be complemented by $43 million in improvements by the city of Memphis and state of Tennessee to Elvis Presley Boulevard over the next three to five years.
The council must approve the Graceland campus as a qualified public use facility to be eligible to receive certain allocations of state and local sales and use taxes provided for in the TDZ Act that will help fund improvements around Graceland.
source: Memphis Biz Journal