State OKs Graceland tourism zone; new hotel, entertainment complex coming
NASHVILLE (News Sentinel) -
The state approved Memphis's request for a tourism development zone for the 120-acre Graceland campus Thursday, and construction of a new hotel and entertainment center will start soon, Graceland executives said.
The next and final public step in the process is Memphis City Council approval of a 5 percent tax surcharge on purchases within the zone to help pay for the planned improvements, estimated at about $135 million.
The state Legislature established tourism development zones in 1998, allowing "qualified public use projects" like convention centers and major tourist enterprises to use a portion of sales tax proceeds collected on products and services within the zones to pay for the projects and improvements.
Graceland plans to build a $95 million, 450-room conference hotel on the mansion side of Elvis Presley Boulevard and a $30 million to $40 million entertainment complex on the other side of the street. The city and the state are spending $43 million in various projects to improve Elvis Presley Boulevard between Interstate 55 and the Mississippi state line.
Sunday, August 20 2017 8:43 PM EDT2017-08-21 00:43:03 GMT
The Samuel L. Jackson and Ryan Reynolds action comedy "The Hitman's Bodyguard" has taken the top spot at the box office this weekend with an estimated $21.6 million in grosses from 3,337 theaters according to...More
The Samuel L. Jackson and Ryan Reynolds action comedy "The Hitman's Bodyguard" has taken the top spot at the box office this weekend with an estimated $21.6 million in grosses from 3,337 theaters according to studio estimates Sunday.More