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February 17th,  2018   -   Commercial Appeal  /  Elvis Express Radio
Operators of the Elvis Presley home and related attractions will seek approval of a $20 million bond issue for more museum space and other improvements.

Elvis Presley Enterprises Inc. is planning to take out $22 million in debt for an expansion at Graceland. Jack Soden, president and CEO of Elvis Presley Enterprises Inc. (EPE), filed
an application for revenue bonds with the Economic Development Growth Engine (EDGE) for Memphis & Shelby County,

The application, scheduled to be considered Wednesday, says the financing would pay for “additional museum, food and beverage and retail opportunities.” Not mentioned is a
controversial performance venue that led to a lawsuit by Graceland last year.

A statement from Graceland 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.”

Graceland’s operators put expansion plans on hold last fall and filed suit in Shelby County Chancery Court challenging a non-compete agreement between the city and Memphis
Grizzlies. That lawsuit was dismissed Thursday by Chancellor Jim Kyle.

Graceland said the city and the Grizzlies had opposed a previous plan to use EDGE incentives for a project including a performance venue. City officials said Graceland was free to
build a venue, but not with public incentives.

City chief legal officer Bruce McMullen said in a statement Friday, “We were initially surprised when the suit was filed by EPE, but not by the dismissal by the Chancery Court.
Hopefully we can get back to working out the issues between these two great corporate citizens.”

The non-compete clause grew out of decision to steer concert business to the FedExForum after the $250 million public arena opened in 2004.

Elvis Presley Enterprises initially proposed a 6,200 concert hall as part of an expansion, then changed that to a 3,500-seat multipurpose building. Graceland officials said the
Grizzlies opposed both plans.

The EDGE application says the $22 million expansion would create an estimated 40 permanent jobs and 100 construction jobs.

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