Lewisville City Council has approved an economic development agreement that will lead to three new high-quality restaurants in historic Old Town, a move that is expected to be a major boost to the growing Main & Mill Entertainment District.
Under terms of the agreement, the City will sell 1.76 acres of land on the north side of Church Street, between Charles and Herod, to a development company. That company (Old Town Development LLC) will invest about $2.5 million to build three restaurant sites and arrange leases for the restaurants. The sites will incorporate local architectural features to give the development a historic feel that represents the unique aesthetics of Old Town Lewisville.
When completed, the development will enhance dining options for Old Town visitors and people attending events at the Medical Center of Lewisville Grand Theater across the street, and also will provide additional public parking for area businesses and for the Old Town Park Plaza currently under construction in the next block.
Old Town Development will reimburse the City for the $860,000 value of the land through sales and property tax collections, with cash payments to the city required starting the sixth year of the 15-year agreement if tax revenue has not fully covered the land price.
The agreement includes a rebate of sales and property tax, as well as reimbursement for building permit fees. The city will provide a $500,000 start-up grant that will be applied toward building fees, public parking on site, and public infrastructure on site. The rebate will be 40 percent of sales and property taxes until the land and grant costs are recovered, and 60 percent thereafter through the term of the agreement. The city also agreed to pay to have utility lines along Church Street shifted underground, or moved to the back of the development site.
The property was purchased by the city from Temple Baptist Church in 2001, along with the land where the MCL Grand was built in 2010-11. Several houses were removed from the northern lot and the vacant space has been used during Old Town festivals while being marketing to potential developers.
Infromation provided by City of Lewisville.