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Restoration House Boxing Academy
ID: 069067 00026
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 7
Inner City Economic Development Loan
County Comission District: 6 | City Council District: 7
Summary
Robert Burnett, Jr., dba Restoration House Boxing Academy, is seeking a $7,190 Inner City Economic Development (ICED) Loan to help fund wall construction and bracing, floor installation, roof repairs and painting. Total Project costs are estimated to be $10,795.Restoration House Boxing Academy, an arm of Living for Christ Ministries, is operated by Pete Mitchell and recently relocated to the corner of North Watkins and North Thomas Street. The boxing academy currently works with 80 children ranging in age from six to fifteen. More than 85% of these children live in the 38127 zip-code. The boxing academy is preparing for growth and expanded hours of operation.
The loan will help Restoration House Boxing Academy complete build-out of the space that houses a boxing ring and training equipment. The academy space will be separated from other church activities.
Staff recommends approval of an Inner City Economic Development Loan to Robert Burnett, Jr., dba Restoration House Boxing Academy, not to exceed $7,190 to be distributed as the owner completes significant portions of the project located at 4050 North Watkins.
Loan Term:
3 years
Interest Rate:
0%
Projected New Jobs:
Not applicable
Projected Retained Jobs:
1
Average Payroll:
Not applicable
Loan Amount:
$7,190
Loan Use:
Building Improvements
Total Projected Capital Investment:
$10,795
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
6/29/2016
Restoration House Boxing Academy
4050 North Watkins, Memphis, TN 38127- Term Sheet
- Application
- Resolution
- Minutes