During its Aug. 5 meeting, the Memphis City Council will hear a presentation detailing the redevelopment of 120 acres owned by Elvis Presley Enterprises, along with a resolution calling for a Graceland Tourism Development Zone and the creation of a board to oversee redevelopment in the area. TDZs, as they’re commonly known, were created by the state of Tennessee in 1998 and allow a city to receive a percentage of sales tax revenue generated by public-use facilities from the state in the form of…