ID: ED 20160501
Inner City Economic Development Loan
County Comission District: 10 | City Council District: 4

Summary

Lisa Snyder-Dandridge, dba The Choo, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund roof repairs and façade improvementsat 3045 SouthernAvenue. Total project costs are estimated to be $39,958.

Ms. Snyder-Dandridge earned a BBA from the University of Memphis and anMBA from Webster University. She spent much of her career in banking working her way up from teller to vice-president. Previously, she and her family operated Legends Restaurant on Beale Street. Currently, she is a Business Sales Representative with FedEx Services.

The Choo is a family owned and operated casual dining restaurant at the intersection of Southern and Semmes in a building that was formerly known as Buntyn Station.Target customers include the surrounding residents, university students and area churches. Some growth is expected to come from adding a delivery operation. However, the owners believe morecustomer growth will come from area businesses and passers-by upon completion of eye-catching exterior façade improvements.

The loan will help complete renovations to the 2,376 square foot building; assist Ms. Snyder-Dandridge in retaining four jobs; and allow her to plan for future additional staff.

Staff recommends approval of an Inner City Economic Development Loan to Lisa Snyder-Dandridge, dba The Choo, not to exceed $25,000 to be distributed as the owner completes significantportions of the project located at 3045 Southern Avenue.

Loan Term:

3

Projected New Jobs:

Not applicable

Projected Retained Jobs:

4

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Building Improvements

Total Projected Capital Investment:

$39,958
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

5/4/2016

Closing

Not approved

The Choo

3045 Southern Avenue, Memphis, TN 38111