This purchase facilitates the necessary parking needed to proceed with development of the Sterick Building. Built in 1929, the building was once one of the tallest skyscrapers in the world. It has sat empty since 1986. The EDGE Board believes that this redevelopment is vital to the continued economic development and viability of downtown Memphis. Commercial activity in the area will create and support jobs in the city.

“The Memphis economy has momentum, and I like the way we are developing our city,” said City of Memphis Mayor Jim Strickland. “As much as possible, we are redeveloping existing buildings and maintaining the character of Memphis. The Sterick Building is another example and an important project for city government and EDGE to support.”

“EDGE is committed to finding innovative ways to leverage the public resources and tools we have to spur economic growth and opportunities for all citizens.” said, Dr. Joann Massey, EDGE Vice President of Operations “The creative support of this project is one of those ways we are helping move Memphis Forward.”

Additionally, the Economic Development Finance Committee met and approved three Inner City Economic Development (ICED) Loans. These are small, forgivable loans built to spark revitalization in distressed neighborhoods.

Terrence Banks, owner of The Grille at Hickory Hill, a local restaurant operating in an area that is underserved by healthier dining options, received a $25,000 ICED Loan to help with exterior lighting and building interior improvements at 3200 Hickory Hill Road. Tabitha Cole received a $25,000 ICED Loan to assist with renovations at Hillboyz, a family-run restaurant catering to a diverse clientele of all ages, located at 3711 Lamar Avenue. Planned interior improvements will facilitate five to 10 new employees in the coming months. Damion Lumsden, owner of Jamaican restaurant JamRack at 150 North Avalon Street, received a $25,000 ICED Loan for improvements to the kitchen space, including a vent hood, gas line relocation, plumbing, and paint.

“By supporting small, locally owned restaurants, we not only celebrate the diversity of cuisines available in Memphis, but also invest back into our own communities,” said Dr. Joann Massey, EDGE Vice President of Operations. “The ICED Loans program is a testament to our shared commitment to preserving and promoting the distinctive character of Memphis neighborhoods.”

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The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000. Upscale Kutz, LLC and Groovy Gratitude, LLC received $24,334 and $25,000, respectively, to fund permanent interior improvements to the buildings and surrounding streetscapes.

Montrell Turner with Upscale Kutz, located at 1333 Madison Avenue, will use the ICED Loan to address necessary updates needed to the historic building constructed in 1925. The modern barbershop will benefit from increased foot traffic, and sales are projected to grow by 15% over the coming year. Improvement projects include HVAC and ceiling repairs, painting, and additional client seating. The company expects to expand the barber team, too.

“Memphis small business owners and entrepreneurs are the catalysts for economic growth, job creation, and the vibrant spirit that defines our city,” said Dr. Joann Massey, EDGE Vice President of Operations. “Together, they are not only shaping commerce but also weaving the fabric of a stronger, more resilient Memphis.”

The ICED Loan being distributed to Groovy Gratitude, a vibrant juice and smoothie bar meant to inspire health, wellness, and community connections, will fund improvements to the interior and exterior of 605 N. Second St, Suite 101. Owners Marquis White and Alicia Dixon plan to create outside seating meant to foster community fellowship and gathering. Additionally, new outside signage and an interior buildout that includes paint, light fixtures, flooring, shelving, and seating will be completed.

At the November board meeting, EDGE also approved a Fast Track PILOT for Fresh Start Facility Services. This enables the company to create 260 net new jobs with an average wage of $37,347 and to invest $2.9 million in the City of Memphis. As a locally owned and operated company, Fresh Start Facility Services serves Tennessee, Mississippi , Arkansas, Kentucky, Louisiana, Georgia, and Alabama.

EDGE offers several PILOT programs designed to encourage and assist projects that will help the community grow and prosper. For more information on tax incentives for new and expanding companies, visit edgemem.com.

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The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000. Riko’s Kickin Chicken, LLC and Professional Allied Health, LLC received $14,900 and $21,806, respectively, to fund permanent building façade and interior improvements to the buildings.

Mariko Wiley with Riko’s Kickin Chicken, located at 1329 Madison Avenue, will use the ICED Loan to address the issue of the restaurant sometimes appearing closed due to its current appearance. Additionally, it is anticipated that this renovation will lead to a substantial increase in sales, projected at 20%, attributed to the enhanced visual appeal and ambiance of the restaurant.

“Since 2014, the ICED Loan program has assisted projects that have invested nearly $9 million in Memphis’s inner-city neighborhoods,” said Dr. Joann Massey, EDGE Vice President of Operations. “Small businesses are the heartbeat of our communities. Their impact extends far beyond economic contributions, and EDGE is proud to play a role in powering their successes.”

The ICED Loan being distributed to Professional Allied Health will fund improvements to the 6,189 square foot space located inside the Hickory Ridge Mall. Guarantors Tuwanna McDaniel and Pamela Prude are expecting a 10% annual growth rate and plan to use the loan to expand their current facilities. The organization provides certifications that open pathways to employment in a range of healthcare settings.

Additionally, EDGE approved a Fast Track PILOT for CRDN of the MidSouth. This enables the company to create 29 new jobs with an average base salary wage of $31,566 excluding benefits and to invest $6,367,100 in the City of Memphis. The company is relocating from Byhalia, Mississippi to a more spacious facility at 3495 Lamar Avenue.

“We’re thrilled to welcome CRDN to Memphis,” said Al Bright, EDGE Board Chairman. “The company serves the continental United States, Canada, and the United Kingdom, and we’re honored to have their global efforts centered around Memphis.”

EDGE offers several PILOT programs designed to encourage and assist projects that will help the community grow and prosper. For more information on tax incentives for new and expanding companies, visit edgemem.com.

The post EDGE Approves Two ICED Loan Applications, One Fast Track PILOT first appeared on Economic Development Growth Engine.

The Headquarters will highlight growth and development by featuring interviews with key stakeholders, business leaders, and innovators who are driving positive change in Memphis. Documenting significant strides in economic development, episodes will include valuable insights on upcoming projects and the latest trends.

“Memphis is in a unique position to attract and encourage extensive economic development,” said Dr. Joann Massey, EDGE Vice President of Operations. “Expertly positioned for logistics operations and already serving a variety of industries, the Bluff City is the optimal choice for businesses looking to relocate their operations. Guests on The Headquarters will discuss those opportunities and much more.”

With a mission to create opportunities for growth and prosperity, EDGE plays a pivotal role in attracting businesses, promoting entrepreneurship, and fostering a thriving economy. The podcast will delve into the organization’s various initiatives, including incentives for businesses, workforce development programs, and strategies for community revitalization.

Each episode of The Headquarters will feature engaging discussions and thought-provoking conversations. From success stories of local entrepreneurs to in-depth analyses of major economic development projects, the podcast will offer a comprehensive view of the city’s progress. Business owners, investors, or those who are simply curious about Memphis’s economic landscape will enjoy this new series.

Listeners can find The Headquarters on major steaming platforms, including Spotify, Apple Podcasts, and Google Podcasts. For more information, visit edgemem.com/the-headquarters-podcast.

The post EDGE Launches Podcast Focused on Economic Development, Community Growth first appeared on Economic Development Growth Engine.

In November 2019, Le Saint Logistics applied for a 10-year Fast Track PILOT to enable the company to create 52 net new jobs and $6.92 million in capital investment. At the September board meeting, the organization was awarded the amendment to its Fast Track PILOT incentive on property improvements and tangible personal property to add 19 new jobs for a total of 71 net new jobs with an average base salary of $37,620, excluding benefits and an additional $3.8 capital investment bringing the total capital investment to $10.7 million.

Additionally, EDGE approved a PILOT incentive for Medtronic Logistics LLC and Ceva Logistics U.S. Inc. The co-applicants applied for a 15-year Jobs PILOT to expand its location into a new light manufacturing and distribution center at 5300 Airways, to retain 365 existing Memphis employees, and to create 265 net new jobs with an average wage of $48,715. Medtronic and CEVA will jointly receive PILOT benefits for the project and collectively be responsible for PILOT commitments, reporting, and compliance.

“As we continue to power progress through partnerships, EDGE is working to solidify Memphis as an economic powerhouse,” said Dr. Joann Massey, EDGE Vice President of Operations. “Creating and retaining jobs is a key piece of projects looking to relocate or expand.”

EDGE offers several PILOT programs designed to encourage and assist projects that will help the community grow and prosper.

“These businesses are contributing to the growth of jobs and capital investment in Memphis,” said Mayor Jim Strickland. “Through collaboration like this, our community will continue to grow and prosper.”

Additionally, the Economic Development Finance Committee met, approved, and awarded an ICED Loan to Dr. Shayna Wilson with Little Learners Literacy Academy, located at 2510 Mt. Moriah. The loan will help Wilson complete nearly $168,000 of qualified building facade and interior improvements.

The ICED Loan program is designed to spark revitalization of Memphis inner-city neighborhood business districts through small forgivable loans, up to $25,000.

“Investments in a variety of industries – manufacturing, logistics, and education – contribute to a well-rounded, robust community filled with opportunity,” said Massey.

The post EDGE Approves Two PILOT Amendments, One ICED Loan Application first appeared on Economic Development Growth Engine.

“We are proud to stand alongside partner organizations to support this vital project,” said Dr. Joann Massey, EDGE Vice President of Operations. “Utilizing public assets to spur economic growth, job creation, and impact for Memphis and Shelby County is a key part of the EDGE strategy.”

The funding is a repayable loan that will be used for pre-demolition work to reactivate 100 N. Main, the tallest building in Downtown Memphis.

The EDGE Board also approved a 10-year fast track PILOT (Payment In Lieu of Taxes) abatement for American Restoration Services/Rescue Rooter. This project will create 50 new jobs with an average wage of $123,000 and spur $1.2 million in capital investment.

“After years of languishing, the iconic 100 N. Main building will finally have new life,” Mayor Jim Strickland said. “The redevelopment of this historic building shows that Memphis continues to grow and be a great place to invest. I am excited to get this transformative project underway.”

In a press release earlier this week, the Tennessee Department of Economic and Community Development Commissioner Stuart C. McWhorter shared, “Memphis has the infrastructure, workforce and business climate needed to support ARS/Rescue Rooter, and I am grateful the company has once again placed its trust in Tennessee for this project. Today’s announcement is sure to enhance the livelihood of this community for years to come.”

Commenting on the community impact of this PILOT, Shelby County Mayor Lee Harris said, “Good, high-paying jobs benefit the employed resident and our community at-large. When someone has a good job, they can invest in themselves, their family, and their neighborhood. When this happens, we can move the needle on some of our most challenging issues, including public safety and poverty.”
The EDGE Board also heard an update from the Shelby County Suburban Chamber Alliance – composed of Arlington, Bartlett, Collierville, Germantown, Lakeland, and Millington – on their activities to support economic development and how they will continue to strengthen their partnership with EDGE.

Additionally, the Economic Development Finance Committee met and approved three Inner City Economic Development (ICED) Loans. These are small, forgivable loans built to spark revitalization in distressed neighborhoods.

Chasity Monroe, owner of Pink Noir Beauty Supply & Cosmetics, the only Black-owned beauty supply retail operator in Memphis, received a $17,000 ICED Loan to help with renovations and façade and building interior improvements at 152 N. Avalon. Fabian Mathews received a $25,000 ICED Loan to help renovate his second studio space at 649 N. Second, including adding additional square footage, a new HVAC system, and improvements to the parking lot. Stacie Payne, owner of a Beexellent Academy LLC at 2975 Old Austin Peay Hwy, received a $15,000 ICED Loan for improvements to the roof, structure, HVAC, and building interior improvements.

“Today’s meetings spurred economic growth from neighborhood businesses to large corporate expansions across Memphis and Shelby County,” said Massey. “Our strategic plan going forward includes increasing the visibility of our activities and data-based outcomes.”

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