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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director of Economic Development
DATE: June 26, 2023
SUBJECT:
A Resolution authorizing a Redevelopment Agreement with a new Italian restaurant at 31-33 West New York Street. known as Amore Mio, curated by Roberto Avila, the popular Latin chef and proprietor of the successful Altiro Latin Fusion restaurant.
PURPOSE:
This Resolution and Redevelopment Agreement will facilitate the remodeling of dining services at the former restaurant located at 33 West New York Street (Gillerson's Grubbery) which ceased operations in August 2022. The new restaurant will occupy the ground floor as well as the lowest level that opens on to Pinney Street (previously an unused raw space).
BACKGROUND:
Amore Mio is leasing 5,292 square feet of space on two floors. The seating capacity will double from the current 80 seats to 160 seats. The second floor is a rental apartment not part of the lease agreement between the property owner and the restaurant operator.
In addition to a complete redo of the first floor, Roberto is taking the ground floor raw space and converting it into a lounge-piano bar with additional seating capacity.
Roberto has infused about $350,000 thus far into the project from a combination of his own capital, a loan secured by family members, and a Finish Line Grant provided at the end of 2022.
To complete the restaurant, an additional $200,000 is required which would make the total renovation cost $550,000 or roughly $100/SF. This includes an entirely new kitchen plus the first floor and lowest level renovation. As with all costs post-COVID-19 these are significantly higher than they would have been before the pandemic. The property will be brought up to ADA compliant standards.
Consistent with other similar projects, the City has recognized this $200,000 as a reasonable financial gap that can be advanced by the City because it will receive these monies back with interest within a short timeframe fro...
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