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Tamboli's Pasta and Pizza

ID: ED20190702
Inner City Economic Development Loan
County Comission District: 07 | City Council District: 05, 09

Summary

Miles Tamboli (dba, Tamboli’s Pasta & Pizza) is seeking a $20,000 Inner City Economic Development (ICED) Loan to help enclose the patio, add 700 square feet and increase restaurant seating from 28 to 54 at 1761 Madison Avenue. The project also includes other exterior upgrades and interior remodeling with total costs of $87,506.

Mr. Tamboli worked in a former restaurant in this building while in high school and has spent almost ten years working in small-sustainable farming and launching Tamboli Produce, which is most well known for its pastas sold at Memphis-area farmer’s markets. Mr. Tamboli now wants to build on this success with a fixed-location restaurant.

Tamboli’s Pasta & Pizza will serve from a traditional Italian menu that includes fresh pasta, hand-crafted pizzas and homemade sauces. Weekly specials will feature seasonal ingredients from local farms and Tamboli’s own culinary garden. However, Tamboli’s must overcome issues that have caused other restaurants at this location to struggle by increasing seating capacity and improving kitchen efficiency.

The loan will help Mr. Tamboli renovate the 2,700 square foot space constructed in 1922 by enclosing a patio, installing lighting and an HVAC system, exterior painting and landscaping, and kitchen remodeling. This project is supported by The Midtown Memphis Development Corporation.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

16

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

patio enclosure interior renovation electrical and plumbing exterior painting

Total Projected Capital Investment:

$67,506
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

7/10/2019

Closing

Not approved

Tamboli's Pasta and Pizza

1761 Madison Avenue, Memphis, TN 38104