The Economic Development Growth Engine (EDGE) Board on Monday approved amendments to two payment-in-lieu-of-tax (PILOT) agreements, supporting continued investment in Memphis. The EDGE Economic Development Finance Committee also approved three Inner City Economic Development (ICED) Loans to small business owners.
The board approved the assumption of the Townhouse PILOT for The Grove Townhouses (Highland) project by Nickson Development Group LLC, led by Octavuis Nickson. The amendment transfers the agreement from Southern Grove LLC and extends the closing deadline to Feb. 19, 2026, allowing additional time for planned real estate improvements near the University of Memphis. The decision follows support from the University Neighborhood Development Corporation and includes local business participation commitments.
The board also approved an amendment to the PILOT for Vantiva SCS Memphis Inc., formerly Technicolor Videocassette of Michigan Inc. The project, originally approved in 2017, has undergone multiple adjustments, with the latest amendment ensuring continued investment in real property improvements and tangible personal property. The modification maintains Vantiva’s local business participation commitments while reinforcing its presence in Memphis.
“These amendments demonstrate Memphis’ commitment to fostering economic growth and creating opportunities for businesses that choose to invest in our city,” said City of Memphis Mayor Paul Young. “By supporting developments like these, we are strengthening our communities and reinforcing Memphis as a hub for business and innovation.”
The Economic Development Finance Committee also met and approved three ICED Loans. Through small forgivable loans of up to $25,000, the program has invested approximately $9 million in Memphis neighborhoods.
“The ICED Loan program continues to be a vital tool in strengthening Memphis neighborhoods by supporting small businesses and local entrepreneurs,” said EDGE President and CEO Dr. Joann Massey. “These forgivable loans help businesses grow, create jobs, and revitalize commercial corridors, ensuring long-term economic impact across our city.”
Patrice Thompson, owner of South Memphis soul food restaurant The Four Way, LLC, received a $15,216 ICED Loan to help with a variety of building interior and streetscape improvements at 998 Mississippi Boulevard. Projects include painting, replacing damaged ceiling tiles, repairing broken concrete, adding brighter outdoor lights, and more.
Café Noir, a for-profit LLC launched in 2021, is expanding from a digital bookstore into a brick-and-mortar space in the EDGE District, filling a gap as the area’s only specialty coffee shop serving daily breakfast while promoting diverse literature. With support from a $25,000 ICED loan, owner Jasmine Settles will transform the 1,960-square-foot, 1936-built space at 635 Madison Avenue through a full-scale renovation, including façade upgrades, interior improvements, and streetscape enhancements. As one of just two Black-owned bookstores in Memphis – and the only bookstore/café combination – it will offer Noir memberships, author talks, and community events while creating job opportunities and youth training programs.
Alexandria Boddie, owner of The Dream Academy Learning Center, Inc, received an $18,000 ICED Loan for improvements at 6635 Quince Road. Façade and interior improvements include opening more walls, creating a door from the classroom that leads to the restroom hallway, refreshing interior and exterior paint, and adding three sink compartments in the kitchen area for food service. With the help of the ICED Loan, the Dream Academy Learning Center can grow to accept up to 60 or more children, along with providing additional job opportunities.