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Warehouse Studios, LLC

ID: ED20190301
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