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AN ORDINANCE AMENDING THE 2019 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY APPROPRIATING PORTIONS OF THE UNENCUMBERED FUND BALANCE OF THE GENERAL FUND IN THE AMOUNT OF $517,950 FOR COSTS ASSOCIATED WITH ECONOMIC DEVELOPMENT INCENTIVES AND AUTHORIZATION OF THE EXPENDITURE THEREOF.
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Summary and Background Information:
City Council requested that the attraction and development of full-service restaurants be a high priority for City staff. In support of this, City Council approved two (2) incentives packages for new full-service restaurants. This ordinance for re-appropriation of $517, 950.00 provides funding for these incentives packages.
The first incentives package was approved by Resolution 2018-70, authorizing incentives to LPC Reunion, LLC, an affiliate of Little Pub Company, LLC, for the construction and establishment of a full-service restaurant. The approved incentives package includes authorization for a payment of $300,000.00 to be disbursed at closing for LPC Reunion, LLC’s purchase of land generally at the intersection of 104th Avenue and Chambers Road.
LPC Reunion LLC has scheduled closing on the property in Second Creek Marketplace for Wednesday, April 17. Staff is recommending an amended ordinance making the effective date Monday April 15 to accommodate the transfer of funds authorized for the closing.
The second incentives package was approved by Resolution 2018-106, authorizing incentives to Gabe’s Burrito Grill & Fresh Blenders, LLC d/b/a G’s Tacos (Business) and Thompson Thrift Development, Inc., or its assignee (Developer) for the establishment of a full-service restaurant. The approved incentives package authorizes an incentive of up to $195,000.00 to Developer to be applied to the construction of the restaurant for Business. In addition, the approved incentives package authorizes the City to provide the Business incentives relative to the Business’ triple-net lease expenses (consisting of real estate taxes, bui...
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