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Council moves to accept IEDA catalyst grant for downtown Big Mike Steakhouse project
Summary
The council discussed and acknowledged an Iowa Economic Development Authority catalyst/remediation grant awarded for 116 South Franklin enabling a downtown restaurant with three upper-story apartments; city staff described reporting and drawdown requirements.
City staff told the council that Manchester received a downtown catalyst/remediation grant from the Iowa Economic Development Authority for a project at 116 South Franklin, a restaurant with three upper-story apartments (the Big Mike Steakhouse project).
"They like to begin soon, so we're very happy this was awarded," the city manager said and noted the need for a development agreement and reporting obligations to IEDA including interim drawdowns at roughly 50% and final reimbursement procedures. Staff said the city will likely serve as a pass-through for some reporting and coordination with the developer.
Council members expressed support for moving the development agreement and associated paperwork forward and indicated staff would work with the city attorney and the developer to finalize terms before the next meeting.
