Flower Mound Town Council members on Monday approved an incentive agreement for The Table, an upscale restaurant expected to open next spring in the Highlands Plaza at FM407 and Chinn Chapel Road.
The incentive, known as a 380 agreement, offers a 1 percent sales tax rebate not to exceed $20,000 annually for the next three years as long as the restaurant receives its certificate of occupation by Dec. 31, 2015, and remains in operation throughout the agreement period. Total cost of the rebate is estimated at $60,000.
The Table, which will be located on the southeast corner of the major intersection, is a new restaurant venture serving new-American cuisine. The 3,800-square-foot restaurant will include 1,200 square feet for outdoor dining.
The owners, celebrity chef-trained restaurateurs, include several Flower Mound residents, according to a news release.
“We have heard time and time again that each of the new restaurants that have opened within the past year are experiencing far and above what was originally projected for their Flower Mound locations,” said Mayor Pro Tem Jean Levenick in the news release. “This proves Flower Mound is more than able to support new dining options and the demand will only increase as we continue to bring more jobs to the area. I predict The Table will have similar results with its team of experienced restaurateurs.”
Town officials estimate the restaurant will contribute approximately $332,925 in sales taxes during the next five years, based on calculations from similar projects. Minus the $60,000 sales tax rebate, officials anticipate the project will generate about $272,925.
“In the recent Restaurant and Retail survey, many residents requested upscale, unique restaurants and The Table is the perfect fit for this request,” said Flower Mound Economic Development Director Mark Wood in a news release. “This is the kind of restaurant that will be an area draw for its one-of-a-kind dishes. I look forward to seeing The Table open and wish them nothing but success in the community.”