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City council unanimously approves 18/80 destination restaurant deal; EDC reports final contract steps underway
Summary
EDC liaison reported that the city council unanimously approved the lease and incentive framework for the 18/80 destination restaurant project; final legal tweaks remain and staff said contracts will be circulated imminently for execution.
EDC staff reported that on the previous Tuesday the city council received a presentation on the 18/80 destination restaurant and voted unanimously to approve the deal as presented, subject to final contract drafting. Presenters Stan, Agron and Mike led the council through conceptual designs and the proposed lease and incentive terms.
EDC staff said the presentation emphasized risk management and protections for the city and the EDC while allowing the business room to scale in early years. Staff described the council as “extremely supportive” and said outside counsel and staff were finalizing a small number of legal edits. The EDC expects the agreements to be circulated to the parties within days for signature.
No specific incentive amounts or lease terms were disclosed at the Jan. 21 meeting; staff described the outstanding items as "a few legal agreement things still being finalized." Staff said the goal is to avoid returning to the council for additional approvals once the final language is in place.
