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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: August 5, 2015
SUBJECT:
To approve a sales tax revenue sharing agreement with JTE Family Properties, LLC for a proposed restaurant to be known as Spartan Ale House, to be located at 1032 Prairie Street.
PURPOSE:
The sales tax revenue sharing agreement will help facilitate the remodeling and opening of the restaurant which will be located at the site of the former Colonial Drugs on the City's west side. The building has been vacant for the past several years. Remodeling a former retail establishment into a restaurant facility takes additional costs for the necessary restaurant infrastructure.
BACKGROUND:
The Seize the Future Development Foundation has been actively marketing the site for various commercial uses. The City and neighborhood would benefit from a use such as this on this important commercial corridor. In fact this corridor was the subject of discussion and inclusion in the University Neighbor's Neighborhood Planning Initiative. This initiative in part identified the economic development opportunities that could locate along this stretch of Prairie Street.
DISCUSSION:
The Seize the Future Development Foundation Grant Committee has reviewed and recommended that this agreement be executed. The attached memo to the committee from STFDF President and CEO Dave Hulseberg summarizes the agreement. The City's Finance Department would be providing a budget line item for which to draw sales tax funding pursuant to the agreement.
IMPACT STATEMENT:
The approval of this sales tax sharing agreement will have a positive impact on the area by occupying a currently vacant building, and providing additional commercial activity along Prairie Street.
RECOMMENDATIONS:
It is recommended that the attached Sales tax Revenue Sharing Agreement be approved.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alterna...
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