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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Served as bond counsel to Emerald Academy in connection with a tax exempt bond issue
Represented the Metro Nashville Sports Authority as bond counsel in connection with the issuance of $225 million of bonds in December 2020 to finance the construction of the new Major League Soccer (MLS) Stadium at the Nashville Fairgrounds
We represented Shelby County Schools (SCS) Board in a transaction to secure funding bringing laptop computers to nearly 95,000 students in the District. By providing nearly 95,000+ new devices and WiFi access to students in the District, each student will have the proper materials to participate in online learning this year. Students are scheduled to have a laptop or tablet by November 2020. The investment in students, which was announced on June 16, is historic step for the District in bridging the digital divide and builds upon the ongoing Equity in Action Plan, which aims to ensure all students have the same access to academic supports.
COVID-19 highlighted the lack of internet access and technology for many students and families in Memphis, Tennessee. This deal is part of a broader $37 million plan to enable all students to learn online. The transaction was formed through a lease-purchase agreement with Microsoft and Hewlett Packard. The funding included federal coronavirus relief dollars through the CARES Act Fund, as well as government bonds from Shelby County and the City of Memphis.