From
Bob O'Neal
Title
Ordinance amending the FY 2014/2015 Capital Improvement Projects Budget and approve a downtown restaurant incentive agreement - 101 South Center Street
Presenter
Bob O'Neal, Economic Development Director
Recommended Action
Approve
Analysis
During a September meeting with the Council, Economic Development staff outlined a restaurant incentive program for our downtown Main Street area. As a result, the Council gave staff direction to proceed in promoting, marketing, and negotiating with prospective restaurant owners to locate in our city-owned Fire Station No. 1 and privately-owned building spaces.
Following Council’s guidance, the basis of the restaurant incentive program is to encourage owners to attract responsible and experienced restaurateur into our downtown area.
Working with a prospective restaurant tenant, building owner Deborah Hepworth, 101 South Center St., has worked out the requirements of remodeling the existing commercial space into a restaurant space. To offset some of the expenses with the change in building use to a restaurant facility, the building owner has applied for incentive assistance for building improvements from the City. The improvements would be for the expense of a grease trap and vent-a-hood for the new kitchen area.
Deborah Hepworth has signed a five-year lease agreement with Roma’s Italian Bistro. Roma’s are family-owned restaurants with five locations in Louisiana and Texas. In the application for incentives, Mrs. Hepworth provided staff with Roma’s financial information, menu, and other supporting documentation showing them to be experienced and established restaurant owners and operators.
The Finance and Government committee has reviewed this incentive request and has issued a favorable recommendation for approval.
Financial Consideration
Under this restaurant incentive, the City would agree to reimburse the building owner for the cost of the actual building improvements up to $40,000....
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