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 .