Item Coversheet
Meeting Date:
10/18/2022
Staff Contact:

Keith C. Rinehart

Director of Community & Economic Development


 
Agenda Items:

(11)
E-mail:
krinehart@saginawtx.org
  Phone:18172300331
SUBJECT:
Consideration and Action regarding an Economic Development Agreement by and between the City of Saginaw, Texas and Triton Saginaw, LLC for the sale and development of real property located at 400 S. Saginaw Boulevard and 405 S. Belmont Street

BACKGROUND/DISCUSSION:

At the March 15, 2022 Saginaw City Council meeting, the Mayor and City Council approved Resolution No. 2022-07 that adopts the Work Plan for FY 2022. This Work Plan sets priorities and gives direction for the City Manager to lead staff toward progress on identified projects. “REDEVELOPMENT PLANNING FOR THE CURRENT CENTRAL FIRE STATION SITE – RESTAURANT OR ENTERTAINMENT” is one of those identified projects and was assigned to the Economic Development staff.

 

Over the past year and a half, the Economic Development staff has worked closely with The Retail Coach to compile a strong list of destination restaurant and entertainment options for the existing Fire Station site.

 

The City of Saginaw and the Economic Development Staff were hoping for one (1) destination/sit-down restaurant for the Fire Station site. What this project will provide is two (2) with the possibly of three (3) branded sit-down restaurants and one (1) entertainment venue. This project is EXACTLY what our residents have been asking for…and then some. Local Favorite submitted the attached proposal for the redevelopment of the fire station site: three-branded restaurant options, outdoor seating and a venue for live entertainment, along with saving as much of the existing structure as possible. They want to brand the location as “The Station at Saginaw”.

 

The proposed agreement was not available when the meeting packet was posted.  



FINANCIAL IMPACT:
In return for the construction of two (2) and the possibly of three (3) branded restaurants (one including "Twisted Root Burger Company") and a minimum capital investment of $2.5M, the City will waive building permit fees, provide up to $150,000 in utility and infrastructure improvement reimbursements, and offer the land to the operator at no cost.

RECOMMENDATION:
On Tuesday, July 5, 2022 at the City Council Meeting Executive Session, ED Staff presented the selected winning bidder and their presentation for the Fire Station/Senior Center Property. A consensus of the City Council was to move forward with the “Local Favorite” development concept. The City Council gave Staff direction to draft a contract with Local Favorite for the purchase and development of said property. Today, we are bringing this project to you to consider for approval.