Adams and Reese Partner James McLaren, who represents Elvis Presley Enterprises, was interviewed in a Memphis News Channel 3 article, "Tourism Development Zone Approved for Graceland," as the state unanimously approved the city’s request for a tourism development zone around Graceland.
Now the measure is in the hands of the Memphis City Council, which will have to approve of a 5 percent tax surcharge being added to all purchases in the zone to help pay for the planned improvements. Those improvements are estimated to cost nearly $135 million dollars.
McLaren said getting the ordinance will take three readings. One was held last Tuesday. Construction of a new hotel and entertainment center have already approved and will begin construction soon. The $95-million hotel will be on the mansion side of Elvis Presley Boulevard. The entertainment complex across the street will be an additional $30 to $40-million investment. In the meantime, the city and state are spending roughly $43-million on various projects to spruce up Elvis Presley before those projects can be finished in the fall of 2016.