From
Andrew Fortune
Title
Authorize the City Manager to enter into an exterior improvement incentive Chapter 380 Agreement with Theo's Grill and Bar (107 NW 8th Street, Grand Prairie) in an amount not to exceed $50,000, with Grand Prairie Credit Union (209 N Center St, Grand Prairie, TX) in an amount not to exceed $50,000, and with Southern Maid Donuts (810 W. Main Street, Grand Prairie) in an amount not to exceed $50,000, for a total amount not to exceed $150,000
Presenter
Andrew Fortune, Assistant to the City Manager
Recommended Action
Approve
Analysis
The Council had previously allocated $1.72 million for the purpose of redevelopment projects. The City of Grand Prairie's Downtown Redevelopment Task Force created a World Class Audit and Incentive Program for businesses within Central Business District 2. Eligible businesses may request up to $50,000 in assistance for qualifying exterior improvements. The participating business must provide 10% of the overall cost. Qualified improvements will be completed by the City and its contractors.
This is an economic development agreement not bound to the competitive bidding requirements of Texas Local Government Code 252. The follow-on, subsequent renovation/reconstruction agreements will be procured in a manner consistent with state law.
Financial Consideration
Funding for the authorization of the City to enter into an exterior improvement incentive agreement with Theo's Grill and Bar (107 NW 8th Street, Grand Prairie) in an amount not to exceed $50,000, with Grand Prairie Credit Union (209 N Center St, Grand Prairie, TX) in an amount not to exceed $50,000, and with Southern Maid Donuts (810 W. Main Street, Grand Prairie) in an amount not to exceed $50,000, for a total amount not to exceed $150,000, is available in the Municipal Facilities Capital Projects Fund (405090), WO #01816803 (Redevelopment Projects) 61130.