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Lodestone Design

ID: ED20151202
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