EDGE Board Approves Major Investments Supporting Manufacturing Growth and Modernization

The Economic Development Growth Engine (EDGE) Board on Wednesday approved three significant projects that will drive continued investment, job creation, and long-term economic growth across the region’s industrial sector. The EDGE Economic Development Finance Committee also approved  Small Business Loans to Icon Salon Suites LLC, Wakil Solutions LLC, and Peace Park Memphis.

The EDGE Board of Directors authorized two expansions of existing PILOT agreements and approved a new jobs PILOT to support a growing local manufacturer, reinforcing Memphis’ position as a competitive hub for advanced manufacturing and logistics.

Among the approved items, Mimeo.com, Inc. received an amendment to its existing Expansion PILOT, increasing its total capital investment from approximately $13.5 million to $44.8 million. In addition, Richardson Oilseed Products US Limited received approval to amend its existing Expansion PILOT, increasing its capital investment from $220 million to $340 million at its facility on Williams Avenue. The increased investment reflects additional modernization and infrastructure needs identified during the rehabilitation of the historic site, including significant upgrades to automation, environmental systems, and production capacity. 

The Board also approved an eight-year Jobs PILOT for Morgan Steel, LLC to support the expansion of its Memphis operations at 2315 Pier Street. The project includes a total capital investment of approximately $11.7 million and will create at least 119 new jobs with an average annual salary of $57,973.

“Today’s approvals reflect the continued momentum we’re seeing across Memphis and Shelby County. From supporting small businesses to advancing larger-scale investment through PILOTs, we are collectively working to build a more dynamic and competitive economic landscape,” said EDGE President and CEO Dr. Joann Massey. “Each of these projects represents new opportunities for job creation, entrepreneurship, and long-term growth. Memphis is moving in the right direction, and we’re committed to ensuring that growth is both strategic and impactful for our community.”

The Economic Development Finance Committee also met and approved a $75,000 in forgivable Small Business Loans. To date, the program has invested more than $9 million in Memphis neighborhoods. 

Rhonda Rooks, the founder and owner of Icon Salon Suites, was approved to receive a $25,000 Small Business Loan for improvements to the salon space at 2185 Young Avenue. Funds will be used for build-out and renovation of the building originally constructed in 1957.

Derrick Abdul-Wakil, owner of Wakil Solutions, LLC, will use $25,000 to help with a variety of interior and exterior building interior improvements at 269 South Parkway West. The business is a Memphis–based marketing company dedicated to helping businesses grow through strategic branding, creative content, and targeted digital solutions.

Additionally, Ladarius Lee, founder of Peace Park Memphis, received a $25,000 Small Business Loan to help complete $68,000 of qualified improvements at 275 North Dunlap Street. Peace Park is a restaurant that aims to promote community, love, peace, and respect through food, relationships, charitable events, and donations.