The EDGE Board met on August 21 and approved one Commercial Property Assessed Clean Energy and Resiliency (C-PACER) request for the Memphis Vitality Hotel and a loan to assist in the acquisition and redevelopment of the former Blue Cross Blue Shield headquarters property. During the EDGE Finance Committee, three forgivable $25,000 Inner City Economic Development (ICED) Loans were approved.
The C-PACER program assists property owners reduce costs while minimizing development impact, energy consumption and public infrastructure. This a privately financed economic development tool that does not require reduction of taxes, grants, or other public funding. The Vitality Hotel development involves retroactive financing of a site measuring 9.86 acres, located at 2625 Thousand Oaks Boulevard. C-PACER eligible improvements include reducing energy and water consumption.
To facilitate the purchase and renovation of the former Blue Cross Blue Shield headquarters property at 85 N. Danny Thomas Boulevard, a $750,000 loan was awarded to Tyrone Burroughs and Michael Hooks Jr. The building is one of two LEED Platinum green-rated buildings in Memphis, the highest level of a green building certification program. Tenants are yet to be determined.
Quavisa Henderson-Bland, owner of Electrolyfe Juice Bar, a local health food restaurant founded on the premise of providing the community with fresh fruits and vegetables at the lowest price possible to combat the food desert crisis, received a $25,000 ICED Loan. Funds will facilitate new windows, interior and exterior paint, a revitalized walkway, and new roofing to prevent leaks.
In Whitehaven, Salad Expressions boasts an extensive and comprehensive menu of creative, made-to-order salads, soups, and sandwiches. A $25,000 ICED Loan was granted to owner Lemichael Wilson to assist with façade and interior improvements at 1253 East Shelby Drive, as well as ADA compliant building upgrades that ensure the space is accessible to all individuals and to enhance public safety.
The Broad Avenue Community & Economic Development (BRACED) Event Center was also awarded a $25,000 forgivable ICED Loan. The property located at 2954 Broad Avenue is in need of $61,000 worth of enhancements, including façade, structural, and HVAC improvements, such as new five-ton condensing units with existing furnaces and evaporator coils, repairing damaged ductwork, exterior painting, and more. BRACED is an extension of First Baptist Church – Broad and implements programs and initiatives that center youth development, education, housing and health and wellness beyond the church walls.
Read more about the August board meetings in The Daily Memphian and the Memphis Business Journal.