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1570 Vollintine Ave (Timothy S. Hubbard)

ID: ED20200801
Inner City Economic Development Loan
County Comission District: 7 | City Council District: 7

Summary

An abandoned and blighted retail strip in the Vollintine-Evergreen neighborhood may soon have a new life. The 75-year-old building has sat vacant and vandalized for years.

Today, the Finance Committee awarded a $25,000 Inner City Economic Development Loan to Timothy Hubbard to revive that strip with a new Laundromat for the area. Hubbard is the founder and CEO of Midtown Stays, a short-term rental accommodation company.

The loan will help Hubbard completely renovate the building. The project will create three new jobs and invest $643,000 in the location. The renovation will also lead to three additional units that could be ideal for a salon, restaurant or events space.

“We believe this project will bring value to the community and make a positive impact on the neighborhood,” said Lilly R. Gilkey, President of Vollintine Evergreen Community Association. “The renovation will take what was once an eye sore and clean up the property creating a space for new businesses to offer value to the area and liven up the neighborhood.”

Loan Term:

3 Years

Interest Rate:

0%

Projected New Jobs:

3

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$643,500
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
Not applicable

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

8/7/2020

Closing

Not applicable

1570 Vollintine Ave (Timothy S. Hubbard)

1570 Vollintine Avenue, Memphis, TN 38107