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.
The First Choice Market, a 20,000 square foot, full-service grocery, was built to serve the 35,000 residents of long-under served Park Duvalle and surrounding neighborhoods. Not only has the construction of First Choice Market provided fresh produce and high-quality food, but it has created some 200 construction jobs, as well as 30 permanent jobs upon its opening.
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.