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Elvis Presley Enterprises, Inc.
SummaryGraceland 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 2015, Elvis Presley Enterprises (EPE) embarked on a comprehensive revitalization plan to build a new 450-room hotel (The Guest House at Graceland) and a new 220,000 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. Specifically, the Graceland TIF was created on the Graceland property and incremental property taxes will be captured for use on the project. As with the TDZ, only the Graceland property will be subject to the TIF. So, increases in property taxes generated by improvements to the rest of Whitehaven will be available for other uses.
In 2015, EDGE approved $124 million in financing supported by the new TDZ, TDZ surcharge, TIF, and other revenue.
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