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Elvis Presley Enterprises, Inc. Series 2017

Summary

Graceland is an internationally recognized, National Historic Landmark, one of America's premier tourist destinations, a major employer in the Whitehaven community, and a key economic driver of the City of Memphis.

In 2014, Elvis Presley Enterprises (EPE) embarked on a three-phase comprehensive revitalization plan to build: 1) a 200-seat Archive Theatre; 2) a new 450-room hotel (The Guest House at Graceland); and 3) a new 200,000 to 300,000 SF retail, exhibition, and museum facility (ELVIS: Past, Present, and Future).

To complete the multi-phase project, EPE worked with EDGE, the City of Memphis, Shelby County, and the State of Tennessee to create a Tax Increment Financing (TIF) District, a new Tourism Development Zone (TDZ), and Tourism Development Zone surcharge. In 2015-2016, EDGE approved a total of $124 million in financing supported by the new TDZ, TDZ surcharge, TIF, and other revenue.

In September 2017, the EDGE Board approved a combined offering totaling $104.3 million: $40,490,000 Senior Tax Increment Revenue Bonds, Series 2017 A (Graceland Project; tax exempt); $24,375,000 Senior Tax Increment Revenue Bonds, Series 2017B (Graceland Project, taxable); $24,375,000 Subordinate Tax Increment Revenue Bonds, Series 2017C (Graceland Project, taxable); $5,005,000 Subordinate Tax Increment Revenue Bonds, Series 2017D (Graceland Project, taxable); and $10,000,000 Subordinate Tax Increment Revenue Bonds, Series 2017E (Graceland Project, taxable) (collectively, the Series 2017 Bonds). The proceeds of the Series 2017 Bonds were used to 1) finance the repayment of the 2015 Notes; 2) fund additional Graceland Development costs; 3) fund the respective Series 2017 Debt Service Reserve Funds, pursuant to the Indenture; and 4) pay the costs of issuing the Series 2017 Bonds.

Total cost for all three phases is estimated to be $137 million.

Bond Amount:

Not applicable

Projected Total Jobs:

280

Total Investment:

$137,000,000

Approved

9/20/2017

Elvis Presley Enterprises, Inc. Series 2017

3734 Elvis Presley Blvd, Memphis, TN 38116