Adams and Reese Partner James McLaren, who represents Elvis Presley Enterprises, was interviewed in a Memphis News Channel 3 article, "EDGE Gives Approval for Graceland Hotel."
The Economic Development Board approved $84 million in financing to fund a 450-room hotel and convention center at the Graceland Property. With its 450 rooms, 500 seat theater and two restaurants, the Graceland hotel will be the third largest in the city behind the Peabody and Convention Center Sheraton. In addition, 500 jobs were promised in and around the hotel.
EDGE, the Economic Development Growth Engine, said it approved issuing Graceland $84 million in bonds to help pay for a new hotel. Financing would also come from a tourist development zone set up by city and county and from a tourist surcharge.
“There’s not going to be a check written by the city or county to pay the debt so it is merely being paid from incentive revenues, from the revenues created by the hotel:13 and from Guarantees of the owners of the hotel,” said McLaren.
At Adams and Reese, McLaren advises on middle-market M&A and finance transactions as well as providing counsel in connection with project finance including economic development incentives throughout the Southeast. He also serves as outside general counsel for a number of entities, many of which he has represented for more than 20 years.
He represents commercial lenders and borrowers in connection with lending facilities, and issuers and borrowers in taxable and tax-exempt bond issues including serving as issuer’s counsel, bond counsel and borrower’s counsel in connection with low-income housing projects, health care facilities, infrastructure, industrial facilities and sports facilities. He also negotiates agreements to develop commercial real estate, including property acquisition, financing and construction agreements. He represents business and industry in establishing and expanding industrial and commercial operations including land assembly, project finance, state and local government incentives and public-private partnerships.
McLaren has served as outside general counsel for the Downtown Memphis Commission, the downtown development authority for Memphis, for more than 25 years. In this role, he has supported the revitalization of downtown Memphis through planning and implementation of redevelopment initiatives such as tax incentives, tax increment financing, public-private partnerships, project development, land assembly and transactions involving historic tax credits.