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Graham council adopts GEIC incentive for downtown cafe at 526 Oak St.
Summary
The city adopted Resolution No. 198 to approve incentives of up to $60,000 from the Graham Economic Improvement Corporation for renovation of 526 Oak Street and the opening of a retail food outlet (projected to support three full-time and two part-time jobs).
The Graham City Council voted to adopt Resolution No. 198, approving an incentives agreement between the Graham Economic Improvement Corporation (GEIC) and Middle Sister LLC, d/b/a Olivetti Oaks, that provides up to $60,000 toward renovation of a downtown property at 526 Oak Street and supports the opening of a retail food outlet. Council completed the required two readings and approved the measure by voice vote.
The agreement, described by staff as part of the GEIC’s business expansion and relocation program, is intended to reduce vacancy in the downtown development district and return sales-tax dollars to local economic activity. The packet and staff presentation state the GEIC program is funded by a half-cent sales tax dedicated to economic development and that the incentive award is a partial contribution — GEIC policy does not fund the entire project. Council asked how GEIC determined recipient investment thresholds; staff said the corporation evaluates each project’s detailed budget and feasibility and typically requires a minimum owner contribution (the agenda referenced a $250,000 work/investment threshold as a policy matter).
Under the approved terms noted in council materials, the project is expected to create three full-time and two part-time positions. The council record shows staff recommended approval and that members approved the resolution on the council floor; the final vote was recorded as the motion passing after the reading.
The item moves to implementation steps with GEIC and city staff oversight; the resolution requires the applicant to provide a detailed budget and project timeline to qualify for disbursement of GEIC funds. The council held no additional public hearing on the incentives at the meeting and no opposition or amendment was recorded.
What’s next: GEIC and the business must complete the detailed budget and feasibility requirements described by staff for eligibility to receive funds.
