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G's Wings, Fish, Burgers & More

ID: ED 20151204
Inner City Economic Development Loan
County Comission District: 11 | City Council District: 3

Summary

Demetris Griffin, dba G’s Wings, Fish, Burgers & More, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund new flooring in the dining room, renovations to the serving area, kitchen equipmentandheating-ventilation-air-conditioning upgrades.Costs for this phase of the project are estimated to be $26,616. Total project costs are estimated to be $38,533.

This family-run restaurant currently serves surrounding neighborhoods and warehouse employees. After 18-months in business, the Griffin’s need to upgrade equipment to speed service. The owners also have a desire to improve the atmosphere for customers and kitchen conditions for staff.

The loan will help retain three jobs and allow G’s Wings, Fish, Burgers & Moreto make critical improvements to the 1,200 square-foot space.

Staff recommends approval of an Inner City Economic Development Loan to Demitris Griffin, dba G’s Wings, Fish, Burgers & More, not to exceed $25,000to be distributed as the owner completes significant phase-two portions of the project located at 4635 Tchulahoma per the proposed sources and uses schedule attached.

Loan Term:

3

Interest Rate:

0%

Projected New Jobs:

Not applicable

Projected Retained Jobs:

3

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building Improvement

Total Projected Capital Investment:

$38,533
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

12/2/2015

Closing

Not approved

G's Wings, Fish, Burgers & More

4635 Tuchulahoma, Memphis, TN 38118