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Restoration House Boxing Academy

ID: 069067 00026
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 7

Summary

Robert Burnett, Jr., dba Restoration House Boxing Academy, is seeking a $7,190 Inner City Economic Development (ICED) Loan to help fund wall construction and bracing, floor installation, roof repairs and painting. Total Project costs are estimated to be $10,795.

Restoration House Boxing Academy, an arm of Living for Christ Ministries, is operated by Pete Mitchell and recently relocated to the corner of North Watkins and North Thomas Street. The boxing academy currently works with 80 children ranging in age from six to fifteen. More than 85% of these children live in the 38127 zip-code. The boxing academy is preparing for growth and expanded hours of operation.

The loan will help Restoration House Boxing Academy complete build-out of the space that houses a boxing ring and training equipment. The academy space will be separated from other church activities.

Staff recommends approval of an Inner City Economic Development Loan to Robert Burnett, Jr., dba Restoration House Boxing Academy, not to exceed $7,190 to be distributed as the owner completes significant portions of the project located at 4050 North Watkins.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

Not applicable

Projected Retained Jobs:

1

Average Payroll:

Not applicable

Loan Amount:

$7,190

Loan Use:

Building Improvements

Total Projected Capital Investment:

$3,595
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$3,595

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

2/3/2016

Closing

Not approved

Restoration House Boxing Academy

4050 North Watkins, Memphis, TN 38127