title
Approval of the Economic Development Agreement Between the City of Lewisville and Nevermore Properties, LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
Nevermore Properties, LLC (“Company”) owns property located at 170 W. Main Street and proposes to renovate the first floor of the building to operate Nevermore Tavern, an immersive Edgar Allan Poe themed bar and tavern. The project includes interior and exterior improvements, façade enhancements, and installation of a mural. The proposed economic development incentives include: (1) a grant equal to a percentage of mixed beverage taxes and sales taxes collected by the city for the project for ten years, 75% for years 1-5 and 50% for years 6-10; (2) a grant of up to 50% of the mural installation costs, with a maximum of $10,000; (3) a grant of up to 50% of the façade improvement costs, with a maximum limit of $40,000; and (4) a waiver equal to 100% of all fees paid to the City at the time of applying for a building permit for the real property improvements. As part of the agreement, the Company will complete required improvements, operate establishment, install and maintain a mural, and lease 16 parking spaces to the City for public use. Funding is available in Old Town Facade capital project, and the Economic Development Incentives capital project.
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.