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Congressman Cohen Announces $1.5M Economic Development Grant for Towne Center at Soulsville USA

June 20, 2007

Washington, DC -- Today Congressman Steve Cohen (TN-09) announced the award of an Economic Development Administration grant in the amount of $1.5 million to partially finance the development of the Towne Center at Soulsville (TCS) USA.Specifically, the proposed EDA investment will facilitate the new construction of a three-story mixed building totaling 51,081 square feet of retail, commercial and office functions that will stimulate additional jobs and private investment. The nine retail and commercial tenants that have committed thus far to lease 30,000 square feet of space at the TCS USA will create 179 new jobs with an estimated $2,302,000 in private investment.

The Town Center at Soulsville (TCS) USA will contribute to the physical, social and economic revitalization of the neighborhood and will bolster the success of the STAX Museum of American Soul Music, a $20 million dollar public private investment in the heart of the neighborhood. The project is part of an effort to revitalize the neighborhood and seek to attract retail businesses and stimulate the local economy through private financing.

Long term, the TCS USA will provide underrepresented entrepreneurs pursuing small business opportunities and local residents pursuing high-skilled/high-wage jobs with a readily available retail and commercial space in a retail lifestyle shopping center in Soulsville USA. The project will be organized around a central plaza which will be used for outdoor exhibitions, concerts, etc., all in support of the retail and commercial activities surrounding it.

The grant request was made by LeMoyne-Owen College Community Development Corp (LOCCDC), LeMoyne-Owen College and New Towne Center. LeMoyne-Owen College Community Development Corporation (LOCCDC), a non-profit organization established in 1988 by LeMoyne Owen College, has taken a proactive approach to redeveloping and revitalizing South Memphis. Over the past five years the LOCCDC, through various partnerships, has collectively secured over $150 million in funds to promote urban and community economic development activities, including the branding of Soulsville USA, which builds upon the rich and significant musical heritage and history that STAX Records and the city of Memphis played in American music history.

Congressman Cohen stated, "Walking through the streets of the neighborhood when I served as Grand Marshall of the LeMoyne-Owen College Homecoming Parade in February, I witnessed the great need for economic development in the community. I also witnessed the passion and commitment of community and college leaders to work together toward a solution. This project, like the Stax Museum of American Soul Music, is a positive step in the right direction."

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Contact:

Marilyn Dillihay, Press Secretary, Congressman Cohen (202) 225-3265