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Graceland seeking public funds for museum expansion

Graceland mansion owned by Elvis Presley Enterprises.

Graceland, the home of Elvis Presley, is seeking a $20m bond issue to fund an expansion that will include more museum space.

Elvis Presley Enterprises, the owner and operator of Graceland, is applying for an issue of taxable revenue bonds by the Economic Development Growth Engine of Memphis and Shelby County.

The financing would pay for additional museum space as well as more food and beverage and retail opportunities.

A statement from Graceland to USA Today said: “Various opportunities are being considered for expansion of Elvis Presley’s Memphis entertainment and exhibit complex, all to enhance the visitor experience and create more employment and improvement in Whitehaven. This is not related to the pending performance/event venue.”

Previous expansion plans that included an event venue were put on hold last year due to funding issues.

Graceland wanted to build a 6,200 concert hall or a 3,500-seat multipurpose building but could not use public funding to do so due to non-compete agreement between the municipality and the Memphis Grizzlies, which operate the FedExForum, a $250m public arena opened in 2004.

A lawsuit challenging the non-compete was recently dismissed.

Graceland opened a $130m, 16-hectare expansion in 2017 called Elvis Presley’s Memphis. The entertainment complex charts the King’s roots, his influences and his artistry.

https://www.commercialappeal.com/story/money/business/development/2018/02/16/graceland-seeks-20-million-bond-issue-economic-development-board/346858002/

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