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Corinth council approves $2.13 million budget amendment and reimbursement agreement for land purchase tied to Miguel's restaurant
Summary
Council approved a $2,127,425 budget amendment and a resolution authorizing a reimbursement agreement between the EDC and TIRZ 2 to acquire a 2.67-acre parcel at 5790 S. I‑35E for a proposed Miguel's restaurant; the EDC and TIRZ 2 will split the purchase and TIRZ 2 will repay the EDC over five years.
The Corinth City Council on July 2 approved two connected actions to facilitate a proposed Miguel's restaurant on a 2.67-acre parcel at 5790 South Interstate 35.
The council adopted Ordinance No. 26-07-02-22 to amend the Economic Development Corporation’s FY 2025‑26 budget, allocating $2,127,425 to purchase the parcel. City staff explained the purchase would primarily provide parking for the proposed Miguel’s and that Blue Plate Restaurant had executed an assignable contract for the purchase price. City staff said the Economic Development Corporation (EDC) and TIRZ 2 would split the cost and that TIRZ 2 would repay the EDC over a five‑year period.
Melissa Daley described the proposed development, saying the restaurant building would be just under 11,000 square feet with a large outdoor patio of about 26,000 square feet, projected sales around $8,000,000 and an expected appraised property value near $11,000,000. She also told the council that Denton County had approved the TIRZ recommendation on June 16.
Following the budget amendment vote, the council approved Resolution No. 26-07-02-1 to authorize the economic development project within TIRZ 2 and a reimbursement agreement between TIRZ 2 and the EDC to reimburse 50% of the land acquisition cost. A council member moved the resolution, it was seconded and the council voted to approve the measure.
The approvals fund the land purchase and authorize the repayment structure; staff said the EDC would assume an assignable purchase contract and that TIRZ 2 would amortize repayment to the EDC over five years. The council did not record public comment on the item during the meeting.
