CC MEETING: March 19, 2024
DATE: March 11, 2024
TO: Erin Rinehart, City Manager
FROM: Robert Winningham, Director of Economic Development
Marc Guy, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Amendment To The Economic Development Incentive Agreement With Bar K Holdings LLC.
Body
BACKGROUND:
On May 5, 2021, the City Council approved an economic development incentive agreement with Bar K Holdings LLC, which is the owner and operator of a restaurant/bar dog park concept, with venues in Kansas City, St. Louis and Oklahoma City. The company desires to open a location in Carrollton, investing a minimum of $6.1 million and hiring 74 employees. This would be the first Bar K in Texas.
As part of the agreement, the City conveyed to the company a 36-month option to purchase a 2.45-acre City-owned tract of land located at 3300 North IH-35E. The site was formerly occupied by the La Hacienda Restaurant. Bar K was to obtain a building permit by May 5, 2024, or the option to purchase would expire and the agreement would terminate. Due to unforeseen delays in the opening of their St. Louis and Oklahoma City locations, Bar K has requested additional time to design and open their Carrollton venue. A one-year extension to obtain a building permit would assist in Bar K’s project execution.
IMPACT ON COMMUNITY SUSTAINABILITY:
The City Council’s strategic plan includes attracting entertainment and specialty restaurants to Carrollton. Bar K’s business concept aligns with fulfilling this objective.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of a resolution authorizing the City Manager to negotiate and execute an amendment to the economic development incentive agreement between the City and Bar K Holdings LLC to allow for a 12-month extension of all project deadlines.