Graceland s Impact Elvis Presley's Graceland is one of the most important tourism destinations in the State of Tennessee and the United States. Over 600,000 visitors annually Third most visited home in the United States (after the White House and the Biltmore). 22% of visitors come from foreign countries. Graceland is a major driver of the local economy: 38% of employees live in Whitehaven zip code 55% of employees are minority or disabled persons History of hiring local residents and providing job skills
Graceland Revitalization Plan The purposes for the redevelopment of the approximately 120 acre Graceland Campus include: Preserve the incomparable legacy of Elvis Presley, The Icon and The Man Improve visitorship by creating new special events and educational opportunities to introduce a younger demographic to Elvis Increase length of stay by offering a more immersive experience and improved systems for ticketing, transportation, guest experience, and safety Update the exhibits to a more modern, robust and captivating presentation of Elvis which attraction consumers have come to expect Serve as a catalyst for the redevelopment of the Whitehaven Neighborhood, particularly along Elvis Presley Boulevard. Increase employment in the Whitehaven Neighborhood.
Graceland Revitalization Plan (cont.) The Graceland plan is limited and complimentary: All incentives have been approved and are site-specific and limited to the Graceland Campus Any incremental increases outside of the campus accrue to City, County and State Authorities TIF Increment limited to statutory minimum All sales tax designated for educational uses will go to fund education The plan complements existing improvements planned for area
Pending Elvis Presley Blvd. Improvements Graceland investment will be complemented by the $43 million in improvements by the City and State to Elvis Presley Boulevard over the next 3-5 years.
Graceland Revitalization Master Plan
PHASE I: Graceland Revitalization Plan Archive Studio (completed) $1 million + investment in Graceland Archives Studio a 200-seat theater presentation that allows special archives and auction presentations and serves as an educational opportunity for museum study programs/hands on experience
PHASE II: Graceland Revitalization Plan Guest House at Graceland (under construction)
PHASE II: Graceland Revitalization Plan (cont.) Currently under construction 450 Room hotel with Restaurants Conference Facilities 400+ seat theatre Projected Opening October 27, 2016
PHASE II: Graceland Revitalization Plan (cont.)
PHASE II: Graceland Revitalization Plan (cont.) (Lobby)
PHASE II: Graceland Revitalization Plan (cont.) Current Status
PHASE II: Graceland Revitalization Plan (cont.) Current Status
PHASE III: Graceland Revitalization Plan Elvis Past, Present and Future Create 220,000 square feet of attractions on the west side of the Graceland Campus which would potentially include: An iconic Graceland entry element incorporating the gates of Graceland A discovery center to celebrate Elvis Presley as a first adapter, innovator A blend of state-of- the-art, interactive technologies with media and artifacts to create engaging, entertaining, dynamic and updatable experiences An area in which to see and experience Elvis in concert through use of state of the art technology presenting archival concert footage An exhibit highlighting Elvis s fleet of automobiles Retail, food and beverage areas and attractions
Phase III Current Site
Phase III - Site Plan
Funding Components Owner Funding Incentive Funding Site Specific TDZ TDZ Incremental Sales Taxes from Graceland (excludes all sales taxes used for educational purposes) 5% Tourism Surcharge Site Specific TIF
Funding Sources Owner Contribution of Land Private Loan Commitment $84 Million Phases I and II - Funded $40 Million Phase III Secured by All of Owners interests in Graceland and related intellectual property and certain unrelated interests Owners to provide a completion guaranty and limited guaranties following completion Incentive revenues
Project Impact Impact on Memphis and Shelby County Over 15 years: Over 500 new jobs in Shelby County. Over $1 billion in economic impact. Over $50 million in additional tax revenue available for other uses. Source: Economic Impact Analysis prepared by Younger & Associates