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MAAE'S MARKET
ID: ED20160203
Inner City Economic Development Loan
County Comission District: 9 | City Council District: 6
Inner City Economic Development Loan
County Comission District: 9 | City Council District: 6
Summary
Mr. Ashley McCreight, dba MAAE’s Market, is seeking an Inner City Economic Development (ICED) Loan to help fund HVAC installation, building façade improvements, disabled access, interior flooring, kitchen and restroom renovations, fencing, signage and equipment. Total project costs are estimated to be $32,249.MAAE’s Market will serve the community as a convenient produce and grocery store. This neighborhood is in a food desert, deprived of fruits and vegetables, fresh meats and dairy products. MAAE’s Market will operate from 7 a.m. to 7 p.m., seven days a week to offer easy access to healthy necessities close to home.
The loan will help create 4 jobs and complete renovations to a 1,200 square foot building. The business will be located three blocks from Riverview Elementary School, Riverview Park and Riverview Community Center.
Staff recommends approval of an Inner City Economic Development Loan to Ashley McCreight, dba MAAE’s Market, not to exceed $21,499 to be distributed as the owner completes significant portions of the project located at 2063 Castex.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
4
Projected Retained Jobs:
Not applicable
Average Payroll:
Not applicable
Loan Amount:
$21,499
Loan Use:
Building Improvements
Total Projected Capital Investment:
$32,249
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
2/3/2016
Closing
5/23/2016
MAAE'S MARKET
2063 CASTEX, MEMPHIS, TN 38109- Term Sheet
- Application
- Resolution