CC MEETING: March 17, 2015
DATE: March 10, 2015
TO: Leonard Martin, City Manager
FROM: Peter J. Braster, Senior Development Manager
Title
Consider A Resolution Authorizing The City Manager To Enter Into A Redevelopment Incentive Agreement With The Owner Of 1309 South Broadway.
Body
BACKGROUND:
On January 6, 2015 the City Council authorized the purchase of 1309 South Broadway. Located at the northeast corner of Broadway and Vandergriff, the parcel is currently used as an automobile repair facility. The current owner has expressed a willingness to relocate his business and leave Downtown Carrollton. Over the past few months, staff has been working to identify a firm that would take the City's assignment to purchase the property. Staff has identified Madison Partners as a suitable assignee. Madison Partners has extensive retail and restaurant holdings in Dallas. Concurrently, staff has been working with a restaurant group to locate a new restaurant on the property. The restaurant is an Asian noodle and dumpling restaurant recently named by D Magazine as a top restaurant in its class. The restaurant group has given its consent to lease from Madison Partners.
The assignment of the City's contract to purchase the property to Madison Partners will shift the burden of acquisition from the City to Madison Partners. The City will no longer be required to fund the $350,000 purchase price. However, to meet the City's goal of establishing a restaurant on the property, the City will be required to aid in the building's redevelopment. A redevelopment incentive grant for the building's conversion to a restaurant is provided for by the City's Retail Re-Development and Rehabilitation Grant Program ("Grant Program") as amended to include Historic Downtown Carrollton.
The building owner has requested a $100,000 grant from the City under the terms of the Grant Program. The requested grant would provide the funds for the construction of permanent imp...
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