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Memphis Magnetic Recording Company
ID: ED20171203
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 06
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 06
Summary
Claire and Scott McEwen, dba Memphis Magnetic Recording Company, were awarded a $20,000 Inner City Economic Development (ICED) Loan to help improve the exterior appearance, expand the building and install an HVAC system at 618 Vance Avenue. Total qualified project costs are estimated to be $51,156.Scott McEwen is the managing partner in the project. He is a recording engineer, musician and producer who specializes in traditional analog techniques. He owned and operated Fry Pharmacy Recording in Nashville from 2004 through 2015. Prior to this, Mr. McEwen had a career as a sales manager for guitar effects and amplification companies.
Memphis Magnetic Recording will target roots rock, blues and soul music. It will specialize in offering access to museum quality vintage analog equipment in a new, high quality studio setting.
The loan will help the McEwens restore the 1,990 square foot building constructed in 1920. The building will be expanded to include a loading area, lobby, main entrance and an ADA compatible restroom. Funds will also be used to install an HVAC system for the entire building. This project is supported by Steve Nash and Advance Memphis.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
5
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$20,000
Loan Use:
Not applicable
Total Projected Capital Investment:
$51,156
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
12/6/2017
Closing
Not approved
Memphis Magnetic Recording Company
618 Vance Avenue, Memphis, TN 38126- Project Files
- Term Sheet
- Application
- Resolution
- Minutes
- Closing