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City administrator: $150,000 incentive proposed for new downtown restaurant; adaptive reuse of Pamarco factory to be discussed
Summary
The city administrator told the council the city plans to offer $150,000 in assistance for a new restaurant at 15 East Wilson Street (structured as $100,000 initial reimbursement plus up to $50,000 over five years) and that a developer seeks incentives to convert a former Pamarco factory into office space for a software company.
City staff told the council Monday that the city will discuss two downtown development incentives at the Committee of the Whole next week: a $150,000 assistance package for a proposed upscale restaurant at 15 East Wilson Street and a proposed adaptive reuse of a long‑vacant Pamarco factory building into office space for a software company’s North American headquarters.
City Administrator Laura said the restaurant package is structured to match the owner’s investment: the city would reimburse $100,000 in initial costs and offers an opportunity for up to an additional $50,000 in reimbursements over a five‑year period at $10,000 per year. Laura said a redevelopment agreement has been drafted and staff will present final terms at the next meeting.
On the factory site, Laura said part of the building was demolished for environmental remediation and that the prospective tenant — a software company — plans a state‑of‑the‑art office conversion. She said staff is still working out the details of any incentive request and will provide those materials in advance of the Committee of the Whole meeting.
