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Park Place Recycling & Logistics

ID: ED20170202
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Fred Spikner and Spikner Enterprises, dba Park Place Recycling & Logistics, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help improve fencing, lighting and loading dock doors at 815 East Georgia. Total project costs are estimated to be $30,000 excluding interior improvements already underway.

Fred Spikner is a graduate of UT-Martin and has owned Spikner Embroidery and Screen Printing for more than 20 years. He invested in and operated two other businesses before discovering the opportunity to process fiber products for sale to foreign buyers.

Park Place Recycling & Logistics now processes paper and cardboard from commercial users in a 7-mile radius around the facility. The company then facilitates domestic and export shipping to end users. Park Place has grown by taking advantage of new technologies, enabling them to meet their customers’ need to reduce waste disposal fees.

Park Place Recycling is located in 30,000 square feet of a 115,000 square foot building and uses a large outdoor area for truck staging. Six other tenants are located in the remainder of the building. The building is surrounded on three sides by residential and on one side by commercial activity.

The loan will help Mr. Spikner improve the appearance of the building for surrounding businesses and screen the operations from residents. The loan will help the business increase sales by 25% to 35% over the next two years, retain 10 employees and create five new jobs. This project is supported by the Stone Community Development Corporation who has applauded Mr. Spikner for bringing an abandoned building back to life and hiring people from the neighborhood.

Loan Term:

3 years

Projected New Jobs:

5

Projected Retained Jobs:

10

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Building improvements

Total Projected Capital Investment:

$30,000
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$30,000

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

Approved

2/1/2017

Closing

Not approved

Park Place Recycling & Logistics

815 East Georgia Avenue, Memphis, TN 38126