Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves $300,000 meals-tax rebate for downtown restaurant project at 629 State Street
Summary
Bristol Virginia City Council approved a performance incentive package that rebates up to $300,000 in meals tax over four years to support the purchase and renovation of the vacant building at 629 State Street, a project expected to create about 50 jobs and stimulate downtown redevelopment.
The Bristol Virginia City Council voted unanimously Sept. 23 to approve a performance incentive that will rebate up to $300,000 in meals-tax revenue over four years to support the purchase and renovation of 629 State Street into a restaurant. Mac Chapman, economic development staff, told the council the pro forma assumes about $2 million in revenue and projects roughly $200,000 in new annual city revenue once the business operates. The incentive is structured as a rebate on meals tax: the business will report meals-tax receipts each quarter, the city will verify those reports, and half of the meals tax collected will be returned to the business each quarter until the rebate cap…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
