MEMPHIS, TN (WMC) - A Memphis City Council committee granted initial approval to use $6 million in public funds as a loan for developers to construct a parking garage in the Edge District.
The parking garage would have 480 public spaces.
The $6 million must be approved by the full council. If approved, the developers would have to pay the lease back over a specified period of time.
The parking garage would be part of a $70 million investment in the district that includes turning the former Wonder Bread factory into an apartment building.