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Warehouse Studios, LLC
ID: ED20190301
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 06 08
Inner City Economic Development Loan
County Comission District: 08 | City Council District: 06 08
Summary
Yvonne Bobo, dba Warehouse Studios, LLC, was awarded a $20,000 Inner City Economic Development (ICED) Loan to help complete interior and exterior renovations at 358 Walnut Street. Total renovation costs are $73,135.358 Walnut is to be first and foremost home to Ms. Bobo’s Studio. Other artists including Carol DeForest, Terry Philips, Ben Butler, and Hi-Lo Recording Studio have agreed to lease space in the building. The remainder of the building will house Off The Walls, a non-profit offering workshops, a makers space and a shared event space. Currently, Southwest Tennessee Community College uses part of the building as storage. This space will transition to artist space, eventually making room for 14 unique tenants.
The loan will help Ms. Bobo renovate the 26,000 square foot space constructed in 1955. Items to be funded through the ICED loan include roof and façade repairs, commercial door installation, replacement of two overhead doors, HVAC installation, buildout of two restrooms, electrical and lighting upgrades, and accessibility improvements. This project is supported by The Memphis Medical District Collaborative.
Loan Term:
3
Interest Rate:
Not applicable
Projected New Jobs:
Not applicable
Projected Retained Jobs:
14
Average Payroll:
Not applicable
Loan Amount:
$20,000
Loan Use:
facade improvements HVAC installation electrical repair
Total Projected Capital Investment:
$73,135
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
3/6/2019
Closing
7/26/2019
Warehouse Studios, LLC
358 Walnut Street, Memphis, TN 38126- Term Sheet
- Application
- Resolution