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Approval of an Economic Development Agreement Between the City of Lewisville and TSMA Holdings, LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
TSMA Holdings, LLC is the owner of Sullivan Old Town BBQ (“Owner”) located at 301 S. Mill Street. The Owner is seeking to improve the building's exterior to better accommodate the growing demand from its customers. To support these improvements, the Owner is requesting to extend and enhance the front facade of the building, which includes glass and door replacement, extension of the patio, signage, lighting, painting and other repairs. The proposed economic development agreement includes a grant of up to 50% of the tenant and/or façade improvement costs, with a maximum limit of $40,000. Additionally, the agreement includes a cash grant, not to exceed $40,000, in exchange for a license and maintenance agreement. The Old Town Pocket Park License and Maintenance Agreement would obligate the Owner to host events in the adjoining City park ("Pocket Park") and maintain the cleanliness of the Pocket Park. Funding is available in the Old Town Facade Capital Project and the General Fund.
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.