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Memphis Magnetic Recording Company

ID: ED20171203
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