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Council approves lease amendment for downtown restaurant project; TIF balance remains to be authorized
Summary
Council approved a first-amendment to an existing lease for the Arcus/Harvest restaurant project. Staff said the total project budget is about $2.3 million, the city committed $1.5 million in TIF funds, $605,000 has been authorized and roughly $895,000 remained to be authorized under the amendment.
Council reviewed and approved an amendment to a previously approved lease for the Arcus (Harvest Restaurant Group) project in a TIF district.
City staff summarized the financial structure: the total project budget was roughly $2.3 million; the city's TIF commitment was described as $1.5 million. Staff said the council had previously authorized $605,000 and that roughly $895,000 remained to be authorized under the lease amendment. "The existing lease language…
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