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Heath okays incentive package and ground lease for proposed Reserve restaurant '18/80'
Summary
Heath City Council approved an incentive and ground‑lease package on Jan. 14 for '18/80', an upscale restaurant proposed for Lot 1A of The Reserve, including a 5‑year purchase option at $500,000 and a $500,000 milestone‑driven 0% loan to support construction.
Heath City Council and the Heath Economic Development Corporation (HEDC) approved on Jan. 14 an incentive package and ground‑lease framework for an upscale restaurant prospect branded ‘‘18/80’’ to be located on Lot 1A in The Reserve.
Key terms presented
- Land/lease: Lot 1A, area replat of 1.639 acres; ground lease at $25,100 per year for years 1–5, with an option to purchase the lot for $500,000 at the end of year 5. If the tenant does not exercise the purchase option, the rent steps up to marketed levels with adjustments in later years. - Construction loan: HEDC to provide a $500,000 0% loan that…
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