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Family Multiplex Center

ID: 20180302
Inner City Economic Development Loan
County Comission District: 8 | City Council District: 7

Summary

Steven Dortch, dba Family Multiplex Center, was awarded a $20,000 Inner City Economic Development (ICED) Loan to help improve the exterior appearance, upgrade electrical, and install an HVAC system for three new businesses located at 1025/1029 Whitney Avenue. Total project costs are $51,409, and project costs qualified for forgivable Inner City Economic Development Loan funds are estimated to be $36,309.

Mr. Dortch is a general contractor who works primarily in the Frayser area. He has an active contract to secure blighted properties for the City of Memphis. He wants to provide space for businesses interested in serving the neighborhood.

Mr. Dortch has purchased the property and plans to renovate three spaces for three separate businesses. One space is reserved for a clothing boutique. One space is reserved for Royal Banquet and Event Center. A barber shop, beauty shop and other prospects are in negotiations for the third space.

The loan will help Mr. Dortch restore the 11,203 square foot building constructed in 1958. In addition to an extensive interior remodel, the exterior façade will be restored, electrical upgraded and new HVAC installed. This project is supported by Steve Lockwood and the Frayser Community Development Corporation.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

6

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$51,409
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

3/7/2018

Closing

Not approved

Family Multiplex Center

1025 Whitney Avenue, 1029 Whitney Avenue Memphis, TN 38127