CC MEETING: August 6, 2024
DATE: July 29, 2024
TO: Erin Rinehart, City Manager
FROM: Josh Giles, Development Program Manager
Ravi Shah, Executive Director of Development
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With Jack Santarelli, John Meadows, And Nicole Meadows For The Renovation Of 1104 AND 1106 West Main Street, Carrollton TX 75006 In An Amount Not To Exceed $62,964.90
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BACKGROUND:
Jack Santarelli recently located Di Abruzzo Italian Market at 1104 West Main Street, and desires to provide additional offerings, but certain improvements including the addition of a 1,000-gallon grease interceptor have to be installed to comply with health codes. The owners of 1104 and 1106 West Main Street, John Meadows and Nicole Meadows agree to the need for these improvements.
The total construction cost has been estimated by the contractor to be approximately $89,369.00. The plans include the installation of a new 1,000-gallon capacity grease interceptor, including all necessary plumbing connections for its functionality, new plumbing, electrical and flooring improvements and one new tenant sign of a nostalgic character that includes neon tubing and meets the Carrollton Sign Regulations.
The Council TOD Committee agreed that the proposed plans meet the requirements for the Retail Redevelopment and Rehabilitation Performance-Based Grant in historic Downtown Carrollton. The Committee recommended a grant not to exceed $62,964.90 for the enhancements. The property is located within a Neighborhood Empowerment Zone. Therefore, building permit and inspection fees for the improvements and other contractor registration and licensing fees are included as part of this incentive package.
FINANCIAL IMPLICATIONS:
By recommendation of the City Council TOD Committee, the property owners are eligible for a grant not to exceed $62,964.90. In accordance with the Retail Re-Development and Rehabilitation Grant Program, the grant is receipt-reimbursement based. Funding is available in the Program.
IMPACT ON COMMUNITY SUSTAINABILITY:
In accordance with the Economic Development plan of enhancing the tax base through redevelopment, this project meets all criteria. The renovation and upgrades to 1104 and 1106 West Main Street will generate additional tax revenue and enhance the economic viability of the Carrollton historical Downtown and the surrounding area.
STAFF RECOMMENDATION/ACTION DESIRED:
The Council TOD Committee unanimously recommended approval of this grant at the July 15, 2024 meeting. Staff recommends City Council approval of a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with Jack Santarelli, John Meadows, and Nicole Meadows, for the renovation of 1104 and 1106 West Main Street in an amount not to exceed $62,964.90.