Two new restaurants – Sfuzzi and Primo’s – will be part of a 27,000-square-foot building with upscale restaurants and dessert/coffee shops in The River Walk at Central Park.
On Monday, Flower Mound Town Council members approved a Chapter 380 Agreement with Centurion American for the building, which will feature 15 different venues situated on the river with a large outdoor patio to be shared among the restaurants.
Sfuzzi, an Italian restaurant, and Primo’s Tex-Mex Grille have been signed up with talks ongoing with Steel Restaurant and Lounge, which offers Japanese & Indo-Chine cuisine.
The agreement offers a three-year 100 percent rebate of the town’s 1 percent sales and use tax, followed by a two-year 50 percent rebate of the sales and use tax to CADG River Walk, LLC.
The rebates only apply to the first $30 million in sales by the restaurants within the building. In addition, the company agrees to open restaurants within the building by June 1, 2016, and maintain at least a 50 percent occupancy rate within the time frame of the agreement.
The sales tax rebate would total approximately $1.2 million, according to town officials.The town would see a net benefit of just over $1.92 million over the five-year period. The figure includes annual tax revenues from the estimated $4 million in real property value, the $1.5 million in business personal property value and $30 million in sales, generating an estimated five-year annual tax revenue total of $3.12 million.
During the public hearing, Nels Pearson told the town council the project was exactly what smart growth is all about. “I like what we’re hearing,” he said. “We don’t want anything cookie cutter.”
Construction of the River Walk continues as developers recently announced the town’s first hotel would be built in the mixed-use development between Morriss and Long Prairie roads just north of Cross Timbers Road.
In partnership with DePalma Hotels & Resorts, Rainier Medical Investments plans to develop an upscale, select-service hotel, which will include approximately 140 guest rooms and suites in addition to 6,000 square-feet of meeting space.
The proposed five-story, 140-room upscale hotel by Marriott, Hilton, Hyatt or Starwood will be about 100,000 square feet. An announcement on which major hotel company will open a location in Flower Mound is expected this month.
The hotel will also feature a restaurant and bar, pool, exercise room, an outdoor seating area, and multiple fire pits.
Town officials approved a Chapter 380 Agreement for the hotel in October, offering a range of incentives including: an 8-year 100 percent hotel occupancy tax rebate; a seven year, 75 percent real and business personal property tax rebate; a 7-year, 50 percent sales tax rebate of the town’s 1 percent general fund portion; a 50 percent sales tax rebate of the town’s 1 percent general fund portion for initial construction purchases; a waiver from all impact and permit fees; and $1 million from the Tax Increment Reinvestment Zone No. 1 (TIRZ) for a parking structure.
In other business, the Flower Mound Town Council also approved:
*a resolution revising the duties and responsibilities of the Parks, Arts, and Library Services Board (PALS); establishing the Cultural Arts Commission (CAC) and providing for the duties and responsibilities of the Cultural Arts Commission (CAC).
*a resolution authorizing the adoption of the Program Year 2013 Consolidated Annual Performance & Evaluation Report for the Community Development Block Grant; and authorization for the Mayor to execute same on behalf of the Town and submit to the U.S. Department of Housing and Urban Development.
*a Memorandum of Understanding with the U.S. Department of Justice that will give the Marshal Services permission to program and use Flower Mound radio channels for the sole purpose of mutual aid and benefit.
*an ordinance vacating and abandoning the northern 10 feet of the existing 15-foot drainage and utility easement located along the southern property line of Lot 4, Block C, of the Adams Estates Addition, which lot is more commonly known as 3113 Gremar Street, thereby reducing said easement upon and across this lot to a 5-foot drainage and utility easement; authorizing the Mayor to execute a quitclaim Deed releasing the public ownership interest and control in the property; requiring a Hold Harmless Agreement; authorizing the town secretary to file the quitclaim Deed and Hold Harmless Agreement in the deed records of Denton County; providing a severability clause; and providing an effective date. The Adams Estates Addition is generally located east of Old Settlers Road and south of Sagebrush Drive.
*a Change Order No. 2 to the Sidewalk Links project, amending the contract with 2L Construction, LLC, for an increase in the amount of $40,296.25, for a total revised contract price of $263,851.25; and authorization for the Mayor to execute same on behalf of the Town.
*the award of Request for Bid 2015-5 for the purchase of water meters and meter reading equipment, on an as-needed basis, to Neptune Technology Group, Incorporated.
*the 2014 Annual Report for the Flower Mound Tax Increment Reinvestment Zone #1 (TIRZ #1) in accordance with Chapter 311 of the Texas Tax Code.