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City and State, LLC

ID: ED 20151001
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Lisa Toro, dba City & State, LLC, is seeking a $25,000 Inner City Economic Development Loan to help with façade and interior improvements at 2625 Broad Avenue.

The ICED loan would complete a $124,410 investment into the Broad Avenue building. The loan will help retain 7 jobs while creating three new jobs and allow City & State LLC, to make façade and interior improvements to the 2400-square-foot building.

City & State, LLC, a retail concept store, opened 6 months ago and was designed to curate handmade, small batch, USA made or B corps brands and makers from around the country. Products include clothing, accessories, jewelry, home goods, kitchen goods, original art, and more. The business is closely related to what was once known as a “general store” in towns and communities. City & State, LLC, also functions as a full coffee shop with pastries and food items provided in partnership with local chefs and businesses. The loan would expand Mrs. Toro’s business by creating an outdoor patio space with lighting and a more permanent shade structure doubling the customer base to 66.

Loan Term:

3

Projected New Jobs:

3

Projected Retained Jobs:

7

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvements

Total Projected Capital Investment:

$124,410
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$2,500

Renovation:
$57,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$64,910

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

10/7/2015

Closing

Not approved

City and State, LLC

2625 Broad Avenue, Memphis, TN 38112
  • Project Files
  • Term Sheet
  • Application
  • Resolution
  • Minutes
  • Closing