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Alcy Ball Development Corporation

ID: ED20200202
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

The Alcy Ball Development Corporation, represented by its Executive Director Seth Harkins, was approved for a $25,000 Inner City Economic Development (ICED) Loan to help complete exterior restoration and HVAC installation at 1672 East Alcy Road. Total project costs exceed $200,000 and costs qualified for the ICED program are $90,967.

Mr. Harkins has a Master’s Degree in Urban Education from Union University and a Bachelor’s in Engineering from Vanderbilt. He and his team of three have been working with residents in the Alcy Ball community on Financial Empowerment and Neighborhood Revitalization programs. They help residents open checking accounts, reduce debt and manage budgets. They board up abandoned houses, clear vacant lots, improve parks and install bus stop benches.

The Alcy Ball Development Corporation recently acquired the “Old Roger’s Store”. Mr. Lucius Rogers operated the store for decades. The property fell vacant after his retirement and, despite efforts, has not been restored as a private business. Alcy Ball proposes to redevelop the building as a neighborhood hub. It will serve as the Development Corporation’s office, a meeting space for block clubs and a community classroom. Alcy Ball plans to install a kitchen to launch a budget-friendly cooking program focused on healthy eating.

The loan will help Alcy Ball renovate the 1,936 square foot building constructed in 1947 by repairing the exterior façade and underlying brick masonry, installing mechanical equipment and HVAC system, reconfiguring the parking lot, landscaping the site and completing interior renovations.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

Not applicable

Projected Retained Jobs:

4

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade

Total Projected Capital Investment:

$200,000
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

2/5/2020

Closing

Not applicable

Alcy Ball Development Corporation

1672 East Alcy Road, Memphis, TN 38114