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Goode Development

ID: ED 20140901
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Goode Development was awarded a $25,000 Inner City Economic Development (ICED) Loan to help with facade improvements at 2519 Broad Avenue, the home of Bounty on Broad Restaurant.

The ICED loan would complete a combined $730,000 investment into the the Broad Avenue building.

The loan is projected to create 25 new jobs and allow Goode Development to make facade improvements to the 12,000-square-foot building.

The Bounty on Broad restaurant, which opened in September, occupies 4,500 square feet and is one of the first gluten free restaurants in Memphis, according to the owners.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvement

Total Projected Capital Investment:

$730,000
Real Property:
$355,000

Acquisition:
Not applicable

Construction:
$355,000

Renovation:
$25,000

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