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Lodestone Design
ID: ED20151202
Inner City Economic Development Loan
County Comission District: 13 | City Council District: 5
Inner City Economic Development Loan
County Comission District: 13 | City Council District: 5
Summary
Lodestone Design, Inc., dba Cecil Humphreys Bronze, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help fund creation of an exterior courtyard and replace front facing garage doors. Total project costs are estimated to be $40,491.Cecil Humphreys Bronze designs and creates sculptures that are sold in New York, Chicago, Atlanta, San Francisco, Denver and Phoenix. Mr. Humphreys has used this location as a studio for ten years. He now wants to activate 3,000 square feet of unused interior space, establish and indoor/outdoor gallery, and repair sidewalks and curbs around the building.
Mr. Humphreys has a strong desire to further enhance pedestrian friendly activities in the University District. This project establishes secure onsite event space, while embracing the public realm.
Staff recommends approval of an Inner City Economic Development Loan to Lodestone Design, Inc., dba Cecil Humphreys Bronze, not to exceed $25,000 to be distributed as the owner completes significant portions of the project located at 578 South Highland and an owner injection of $15,491 has been achieved and documented.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
Not applicable
Projected Retained Jobs:
1
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Building Improvements
Total Projected Capital Investment:
$40,491
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
12/2/2015
Closing
7/25/2016
Lodestone Design
578 South Highland, Memphis, TN 38111- Term Sheet
- Application
- Resolution
- Minutes