NASHVILLE — Thursday 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.
According to James McLaren, Jr, the attorney for the project, 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.