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The Rec Room

ID: ED20151002
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Memphis Coop, LCC, dba The Rec Room, was awarded a $25,000 Inner City Economic Development (ICED) Loan to help with facade and interior improvements at 300 Broad Avenue.

The ICED Loan would complete a $181,528 investment in to the Broad Avenue Building.

The loan will help retain 20 jobs while creating four new jobs and allow The Rec Room to make facade and interior improvements to the 10,600 sq.-ft. facility.

The Rec Room opened in April 2015 on the corner of Tillman and Broad and has transformed a vacant warehouse on an abandoned corner in Binghampton into a popular, family friendly space that attracts video game and sports fans alike. The Rec Room has catalyzed the eastern side of Broad Avenue in addition to other businesses and projects that are slated to take root in the next couple of years. In a neighborhood where a grassroots revival has taken place in the last 5 years, The Rec Room has been a part of evoking a sense of community and place. The ICED Loan would help to increase the number of ADA stalls in their restrooms and increase visibility of the location through the creation of a mural that is visible from major corridors in the neighborhood.

Loan Term:

3 years

Interest Rate:

0%

Projected New Jobs:

4

Projected Retained Jobs:

20

Average Payroll:

Not applicable

Loan Amount:

$25,000

Loan Use:

Facade Improvements

Total Projected Capital Investment:

$181,528
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
$83,702

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
$97,826

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

10/7/2015

Closing

4/30/2016

The Rec Room

3000 Broad Avenue, Memphis, TN 38112