JEDCO Wins National Award for Economic Development Project in Fat City
AVONDALE, La. — The Jefferson Parish Economic Development Corporation (JEDCO) announced that it recently won a national award for its financial role in a major economic development project. The National Association of Development Companies (NADCO) awarded JEDCO the Ground Up Diamond Award for its involvement in the development of Chronos Body Health & Wellness, a multi-million dollar wellness facility based in Fat City. JEDCO used an SBA 504 loan to finance the construction of the 18,000 square foot facility. Of the $4 million dollar project, JEDCO financed $1.9 million of it.
In 2013, Chronos Body, Health & Wellness founder Dr. Mace Scott approached JEDCO and Chase Bank about renovating an old building in Fat City into a full-service wellness center modeled after the all-in-one health centers found in suburban areas of Los Angeles and Denver. Dr. Scott envisioned a facility that offered a full day spa, a 24-hour fitness center, and a med spa, which includes body contouring, laser rejuvenation and more.
With JEDCO’s help, Chronos Body, Health & Wellness opened its doors in 2015. When Dr. Scott filed his SBA 504 application in 2013, he anticipated nine new jobs. In four years, Chronos doubled its projected income and its staff; Chronos now has a staff of 20 with the intention to hire three new employees this year. Chronos gives back to the community, supporting several organizations through free and discounted fitness classes and sponsorships. The business also added new service lines since its inception.
“Winning this award is a true honor for JEDCO and our Certified Development Corporation,” said Jerry Bologna, JEDCO President & CEO. “The Chronos project is a perfect example of the impact that our small business financing programs can have on a business – and an entire neighborhood. JEDCO identified Fat City as an area of focus and revitalization many years ago. Our ability to finance Chronos’ equipment, working capital and real estate costs allowed the business to begin a shift within the Fat City community. We continue to see high quality businesses opening their doors in that area as a result. I commend the JEDCO Finance Team for their continued efforts to do great work that has long-term economic impacts.”
NADCO presented JEDCO with this award during its Annual Meeting in Nashville. JEDCO Finance Director Jennifer Lapeyrouse accepted the award on behalf of the organization.