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Motamedi GlasArt
ID: ED20150803
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Peri Motamedi, dba Motamedi GlasArt, was awarded a $25,000 Inner City Economic Development (ICED) loan to help with facade and interior improvements at 492 South Second Street.The ICED loan will complete a combined $40,043 investment into the South Second Street building.
Ms. Motamedi occupies a 8,451 sq. ft. building, and serves as a location for three businesses currently operating. The loan will allow Ms. Motamedi to improve the appearance of the historic building and install an HVAC system, which will help to acquire an additional tenant for 100% occupancy in the four bay building.
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:
Facade and Interior Improvements
Total Projected Capital Investment:
$40,043
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$13,349
Renovation:
$25,000
Machinery & Equipment:
Not applicable
Furniture, Fixtures, Office:
$1,694
Equipment:
Not applicable
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
Not applicable
Miscellaneous:
Not applicable
Approved
8/10/2015
Closing
11/18/2016