We represented Guesthouse at Graceland, LLC as bond counsel in the recent closing of a $100 million transaction as part of the ongoing revitalization of the area surrounding Elvis’ home, Graceland in Memphis. The transaction leverages the allocation of certain state and local sales tax revenues, incremental property tax revenues and a special tourism surcharge on sales at Graceland to provide long-term financing to support improvements to make Graceland a more desirable tourist destination, including a new conference-type hotel that has been constructed next to Graceland known as “Guesthouse at Graceland.” This deal was one of the larger tax increment transactions that have been closed in Tennessee.
Tax-Increment Financing for Improvements to Graceland
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Represented Southern Properties, Inc. in obtaining approval for up to $96.4 million in tax increment financing (TIF)
Represented the Poplar Corridor Business District Association of Owners in obtaining approval for use of tax increment financing (TIF) funds estimated to exceed $80 million
Served as co-disclosure counsel to the City of Memphis in the offering of approximately $70 million in sewer bonds