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Council approves operating covenant to support redevelopment of Maggie’s Pub
Summary
Council approved an operating covenant with Olive Banquet Inc. and Olive Banquet SS LLC to support reconstruction of Maggie’s Pub into a restaurant with banquet rooms and a rooftop bar; staff said the city is not purchasing the property but would provide funds under the covenant to ensure a higher build standard.
The Santa Fe Springs City Council approved an operating covenant agreement with Olive Banquet Inc. and Olive Banquet SS LLC to support the reconstruction of the property currently occupied by Maggie’s Pub.
Staff explained that the property sale is between private parties and the city would not be the buyer; instead, the operating covenant would make funds available to ensure the rebuilt facility meets standards the city believes will benefit the community. “This operating agreement would allow us to, provide funding for the reconstruction of a new facility that would not just have a restaurant, but a full banquet room,” staff member said, adding the proposed project includes two banquet rooms and a rooftop bar.
The council opened the hearing, no members of the public spoke, and the council approved the agreement by voice vote (motion moved by Martin; seconded by Maura). Staff characterized the covenant as the city’s “skin in the game” to add value to the project; the transaction structure and private-purchase details remain between the buyer and seller.
Staff did not provide a specific dollar amount for the covenant during the hearing; council members expressed general support and moved to so-order the item after the public hearing concluded.
