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Propcellar Vintage Rentals

ID: ED20141102
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Karlee Hickman, dba Propcellar Vintage Rentals, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help with facade and building improvements at 2585 Summer Avenue.

The ICED loan would complete a combined $269,625 investment into the Summer Avenue building.

The loan is projected to create six new jobs and allow Propcellar to make facade and building improvements to the 10,000-square-foot building.

Propcellar Vintage Rentals specializes in the collection of antique specialty items that are desired by film producers and brides seeking a retro touch for their weddings.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

6

Projected Retained Jobs:

Not applicable

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvement

Total Projected Capital Investment:

$269,625
Real Property:
$244,625

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$25,000

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

11/5/2014

Closing

2/24/2015

Propcellar Vintage Rentals

2585 Summer Avenue, Memphis, TN 38112