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Approval of an Economic Development Agreement Between the City of Lewisville and Old Town Craft LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Old Town Craft LLC (“Company”) wishes to lease city-owned property located at 206 West Main Street and 207 Elm Street (collectively referred to as the “Property”) for a term of up to seven (7) years, with a right of first refusal to purchase the Property. The Company is proposing to invest a minimum of $800,000 into redevelopment of the property and operate a taproom, beer garden, cocktail bar, and food truck park with a minimum of three food trucks. The Company has experience operating many similar businesses in Denton, such as East Side Denton, Miss Angeline’s, and Oak Street Draft House, as well as in Dallas and Florida. As consideration for redevelopment and activation of the Property, the proposed agreement includes (1) a waiver of all building permit fees associated with the project; (2) a grant equal to one hundred percent (100%) of the water and sanitary sewer impact fees paid to the City for the project; (3) a grant of up to 50% of the tenant and/or façade improvement costs for both buildings, with a maximum grant amount of $80,000; (4) a grant of up to 50% of the cost of a mural on the 207 Elm building, with a maximum grant amount of $40,000; and (5) a grant not to exceed $75,000 related to planting a minimum of five mature trees on the Property. Funding is available from the Utility Fund, the Old Town Facade Capital Project, tree mitigation, and Tax Increment Reinvestment Zone #1.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.