City Council Minutes 2010 04 20 - Laserfiche WebLink

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City Council Meeting Minutes April 20, 2010 Page 10 of 12 Mayor Sisk requested a Staff presentation. Economic Development Director Star reviewed a business assistance package (BAP) for Main Street Drink and Dine LLC for building renovation and establishment of a new restaurant at 701 Main Street in Louisville. The request from Chad Sholders, Paul Piciocchi, and Mike Donohoe of Main Street Drink and Dine LLC, is to renovate and reopen the former Waveform space as a Latin "taco lounge" restaurant, specializing in fast -serve street tacos, burritos, guacamole, salsas with margaritas and Mexican beers. Main Street Drink and Dine LLC plans to invest $50,000 into exterior renovations including a sizable patio facing Main Street and an additional $125,000 for interior renovations. The restaurant plans to have a payroll of $150,000 for 12 -15 employees. Their requested BAP is for 40% sales tax rebate over five years, with a maximum rebate of $120,000. Staff believes a capital investment of $175,000 supports a four year rebate period. There is a concern that this restaurant could gain sales through customers who may dine at another downtown eatery currently. It is likely some percentage of this restaurant's patrons will come from existing restaurant customers. Any assistance would be contingent upon the opening of the restaurant no later than September 30, 2010. The requested assistance would be funded by incremental new sales tax from the retail portion of the project. APPLICANT PRESENTATION Chad Sholders, 300 Spruce Street, Louisville, CO and Main Street Drink and Dine LLC, explained the concept is for a casual outside eating space, which provides simple hand- held street food. He stated this restaurant will not target existing businesses. He noted the BAP for 3,300 SF space on the Main Street side will be the restaurant and the west side, for now, will remain the same. He introduced his business partner Mike Donohoe. Mike Donohoe explained he previously owned a The Foundry in Boulder, which Mr. Sholders helped him build in 11996. He sold his portion of the business two years ago when he moved to Louisville. He looks forward to being in business in Louisville. COUNCIL COMMENTS Councilor Dalton asked if it would include lunch and dinner. It was confirmed the restaurant will serve lunch and dinner. Councilor Muckle asked if the applicant will lease out space. Mr. Sholders explained he currently holds the five -year lease and is considering leasing out half of the space.