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Pyramid Stone
ID: ED20150903
Inner City Economic Development Loan
County Comission District: | City Council District:
Inner City Economic Development Loan
County Comission District: | City Council District:
Summary
Chuck Laminack, dba Pyramid Stone, is seeking a $25,000 Inner City Economic Development (ICED) Loan to help with façade and interior improvements at 2615 Summer Avenue.The ICED loan would complete a combined $132,713 investment into the Summer Avenue building.
The loan will help retain six jobs while creating six new jobs and allow Pyramid Stone to make façade and interior improvements to the 14,000-square-foot building.
Pyramid Stone, Inc., serves customers in the Memphis MSA. The loan would expand Mr. Laminack’s clientele into additional areas based on improvements made to the building. Pyramid Stone, Inc., sees the renovations on Summer as a way to improve curb appeal on a high traffic corridor and encourage interest from other businesses to consider relocating.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
6
Projected Retained Jobs:
6
Average Payroll:
Not applicable
Loan Amount:
$25,000
Loan Use:
Facade and Interior Improvements
Total Projected Capital Investment:
$132,713
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
Not applicable
Renovation:
$132,713
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
9/2/2015
Closing
Not applicable
Pyramid Stone
2615 Summer Avenue, Memphis , TN 38112- Term Sheet
- Application
- Resolution