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Goode Development
ID: ED20140901
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Goode Development was awarded a $25,000 Inner City Economic Development (ICED) Loan to help with facade improvements at 2519 Broad Avenue, the home of Bounty on Broad Restaurant.The ICED loan would complete a combined $730,000 investment into the the Broad Avenue building.
The loan is projected to create 25 new jobs and allow Goode Development to make facade improvements to the 12,000-square-foot building.
The Bounty on Broad restaurant, which opened in September, occupies 4,500 square feet and is one of the first gluten free restaurants in Memphis, according to the owners.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
25
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Facade Improvement
Total Projected Capital Investment:
$730,000
Real Property:
$355,000
Acquisition:
Not applicable
Construction:
$355,000
Renovation:
$25,000
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
9/3/2014
Closing
11/7/2014
Goode Development
2519 Broad Avenue, Memphis, TN 38112- Project Files
- Term Sheet
- Application
- Resolution
- Minutes