Circle G Resort Project Gets Tax Waiver

Horn Lake aldermen have agree to waive some taxes on the proposed golf course and entertainment resort at the site of the old Circle G Ranch once owned by Elvis Presley. The 155-acre ranch is where Elvis and Priscilla spent their honeymoon in 1967. Under Mississippi law, developers of a "major theme park" or similar resort can recoup up to 35 percent of the amount they spend in capital improvements over the first two years of construction. The board of aldermen voted 3-2 Tuesday to give up all sales taxes generated by "qualifying" improvements. The Mississippi Development Authority decides what qualifies and it also determines how much of the construction would be recognized as completed within the two-year window. J.D. Stacy, who has been the Circle G Resort's point man, said he did not know what might qualify. "All this does is, it lets us make an application," he said. Alderman J.W. McElhaney said the outgoing board - four of the five members leave office July 4 - was being asked to give its approval when it's still unclear exactly what might be built. "It looks like we're getting the cart before the horse," he said. The board had approved a similar resolution April 19, but Acting City Attorney Billy Campbell Jr. said the revised language was more in accord with language sought by the state. Stacy said time limits set by the MDA made passage Tuesday crucial. "If we don't do it today, it's a dead issue," he said. The taxes will be diverted away from the city to the developer until the 35 percent investment is recouped or a period of 10 years has passed, which ever comes first.
Source: Google / Updated: Jun 22, 2005 
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