Karl Zavitkovsky just called to discuss 1400 Main Street, which I mentioned earlier -- and which is actually not going before the council tomorrow. Instead, says the director of the City of Dallas Office of Economic Development, developer Brian Foster and the City Center Tax Increment Financing District board need to have at least one more meeting "to make some adjustments to the plan to allow for the funding of" the proposed $4-million restaurant and lounge Foster hopes build within the confines of the 11,000-square-foot building that dates back to 1954.
Foster will be eligible for $475,000 in TIF reimbursements after he
completes the redo, which is supposed to be finished in April 2009:
He'd get $275,000 in April 2010, then the rest a year after that. But
there are several completed projects ahead of Foster's that will need
to get their money first -- there is a line, and Foster's at the very
back of it. And Zavitkovsky says the 1400 Main Street vote has been put
off till the first council meeting in January because of nothing more
than "a technicality" related to reimbursements.
As for those
Friends who've e-mailed me wondering how the city can reimburse Foster
out of a TIF depleted by the Mercantile project, this note: The Forest
City project gets its TIF money from the Downtown Connection TIF District, not the City Center TIF, which includes all of these projects. Zavitkovsky says he expects the 1400 Main Street project to go before the council when it returns from its holiday break next month. --Robert Wilonsky
