Nurturing the Neighborhood
With a mission to spur economic growth and create a better quality of life for inner-city residents, Metro Bank and its parent company, Louisville Development Bancorp, partnered in a $4.4 million project to create a healthful oasis in the middle of a food desert.
When completed, the First Choice Market, a 20,000 square foot, full-service grocery, will serve the 35,000 residents of long-underserved Park DuValle and surrounding neighborhoods. In addition to providing fresh produce and high-quality food, the project will create some 200 construction jobs, and another 30 permanent jobs when the store opens.
Louisville Development Bancorp and Metro Bank President Pedro Bryant, Metro Louisville Mayor Jerry Abramson, U.S. Rep. John Yarmuth, D-KY, and Metro Bank director and president of First Choice Market Robert Holmes participated in the November 2010 groundbreaking.
Wyatt represented Metro Bank in making a bridge loan funding the start of construction. The bridge loan was repaid in Summer 2011 from proceeds of a refinance for which Louisville Development Bancorp served as the Community Development Entity and NMTC allocatee providing New Markets Tax Credits that lowered the overall financing cost.