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Motamedi GlasArt

ID: ED 20150803
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Peri Motamedi, dba Motamedi GlasArt, was awarded a $25,000 Inner City Economic Development (ICED) loan to help with facade and interior improvements at 492 South Second Street.

The ICED loan will complete a combined $40,043 investment into the South Second Street building.

Ms. Motamedi occupies a 8,451 sq. ft. building, and serves as a location for three businesses currently operating. The loan will allow Ms. Motamedi to improve the appearance of the historic building and install an HVAC system, which will help to acquire an additional tenant for 100% occupancy in the four bay building.

Loan Term:

3 years

Projected New Jobs:

Not applicable

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade and Interior Improvements

Total Projected Capital Investment:

$40,043
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$13,349

Renovation:
$25,000

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$1,694

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

8/10/2015

Closing

Not approved

Motamedi GlasArt

492 South Second Street, Memphis, TN 38103
  • Project Files
  • Term Sheet
  • Application
  • Resolution
  • Minutes
  • Closing