City Council Meeting Minutes March 2026
Revolving Loan Fund Approves Loan to J & J Lube
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Description
The City Council approved a $10,000 Revolving Loan Fund loan to J & J Lube & Detail for equipment repairs and supplies, structured as a 36‑month note at 3% interest with a six‑month payment deferment. The first payment will be due September 1 while the company works with the EDC on broader loan restructuring.
Contract Details
Contract Amount
$10,000 loan, 36 months at 3% interest; six-month payment deferment
Vendor
J & J LUBE & DETAIL
Agency
City of Memphis, TX
Contract Type
FINANCIAL_SERVICES
Document Date
March 9, 2026
Contract Term
36-month note beginning with first payment due September 1 (three-year term)
Renewal Info
New 36‑month revolving loan fund note with six‑month initial deferment; may be restructured later in conjunction with EDC.
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