Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program (Chapter 380 Agreement) to promote local economic development and stimulate business and commercial activity in the City and authorizing the City Manager to finalize and execute an agreement for such purposes with Latin Life, Inc., for a proposed new restaurant at 3855 West Emporium Circle, Mesquite, Texas.
Body
The founder of the Pizza Patron and Wing Stop franchises, Antonio Swad, operating as Latin Life, Inc., has executed a 10-year lease of the former Spaghetti Warehouse building at 3855 West Emporium Circle near the Market East Shopping Center in the Town East Retail District.
The Emporium Circle section of the Town East Retail District has experienced a higher vacancy rate of restaurants and retail stores in the past decade than is typical for the Town East Mall and Market East Shopping Center areas. The company, Latin Life, Inc., proposes to invest $1.5 million in renovations to the existing structure to create a premier location for a new concept, Porch Swing, to be launched in Mesquite. The new restaurant is anticipated to generate new dining customers and retail activity in the area and will create approximately 30 new full-time equivalent jobs.
The anticipated new Sales and Use Tax revenue, based on the City local collection rate of two percent, is $80,000-$100,000 per year. The company requests a revenue sharing agreement for five-years, one percent, City sales tax reimbursement for the project.
The concept will include a menu of daily, on-site smoked meats, comfort food and casual dining in a family atmosphere, including outdoor dining and live entertainment.
Recommended/Desired Action
Following the public hearing, staff recommends approval of the resolution.
Attachment(s)
Resolution
Executive Summary
Drafter
Kim Buttram
Head of Department
David Witcher