MEMPHIS, Tenn. — After five delays, the Memphis city council approved tax incentives for the Graceland Tourism Zone – but with limitations.
But the approval did not come without pushback.
The Graceland Tourism master plan is one step closer to becoming a reality. Under the newly approved agreement, Elvis Presley Enterprises cannot use the funding to build anything that could be used as a sound stage or for concerts.
Attorney Allan Wade, who is representing council, said they will be able to monitor whether this happens or not.
“If you see construction with TDZ money of anything, this has a map. It has a list of assets – if we see anything other than those things then we will have a violation,” Wade said.
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And if any construction violates the city’s agreement with FedExForum and the Memphis Grizzlies, Wade said city council can take action.
Council has the ability to take EPE to court to stop them, along with revoking funding. According to Wade, EPE would have to refund the $75 million in bond funding.
Now, the agreement heads to the state for additional approvals.
Another part of the plan is the 1,000 new jobs in Whitehaven for the manufacturing plant.
EPE officials said they cannot start recruiting those jobs until the school system approves the offer for an old school, which would be used for the project.
Cox Media Group