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HopeWorks

ID: ED20170601
Inner City Economic Development Loan
County Comission District: 05 | City Council District: 05

Summary

The EDGE Finance Committee approved a $20,000 Inner City Economic Development (ICED) Loan that will assist HopeWorks with a complete restoration their main offices. Situated along on Summer Avenue in a 13,000 SF former bank building, HopeWorks is a not-for-profit organization that seeks to serve the under-resourced through outreach programs that help develop individual worth, encourage personal responsibility, and promote the honor and value of work.

By implementing a holistic approach through daily classes and meals, educational training, and spiritual counseling, HopeWorks strives to break the cycle of crime, addiction, and generational poverty in Memphis. The Summer Avenue location will provide services to the Highland Heights and Binghampton neighborhoods.

The location is undergoing a full asbestos remediation and interior remodel in order to become a workforce training center. The project is supported by the Binghampton Development Corporation. The facility will employ 15 people and serve more than 60 people per week.

Loan Term:

3

Interest Rate:

0%

Projected New Jobs:

15

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Not applicable

Total Projected Capital Investment:

$43,677
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
$20,000

Renovation:
$23,678

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

6/7/2017

Closing

2/20/2018

HopeWorks

3337 Summer Avenue, Memphis, TN 38122