Council on Dec. 18 approved the $100,000 Municipal Development District Grant and Performance Agreement for Circle Star Brands Denton LLC and Cactus Canyon LLC Argyle for the Cactus Canyon restaurant, a Tex-Mex establishment, which will be built on FM 407, east of I-35 and west of US 377. Work on the site has started. Cactus Canyon will serve fajitas, enchiladas and margaritas, and will be a sit-down restaurant with no drive-thru, as previously reported byCommunity Impact.
The details
The grant is contingent upon the company obtaining a certificate of occupancy within 18 months of council's approval of the agreement, and upon meeting and maintaining the performance targets as specified in the agreement, according to the council agenda.
The background
The developer presented this project at the Oct. 18 MDD meeting, and its board discussed the $100,000 grant request in executive session and requested the town attorney to prepare an agreement to be considered at the Nov. 8 MDD meeting. The MDD board of directors, after consultation with the town attorney, approved the grant and performance agreement Nov. 8.
Zooming in
The performance targets in the agreement involve a new capital investment amount of $7 million, new annual taxable sales of $4 million, 20 new full-time jobs with an average annual salary of $40,000, and 40 new part-time jobs with an annual average salary of $20,000, town officials said.
The company has to meet the targets for five years after the certificate of occupancy is issued, but if the company falls short, they have to reimburse the town for the remainder of the grant, so if they falter in year three, the company must reimburse for years three through five, said Jim Lang, MDD executive director, who talked to council about what the agreement featured.
Local restaurateur Brian Gasperson told council he expects the restaurant to open in October. He said this grant helps bring business and tax dollars to the community.
“We’re here to serve and add something to the community,” Gasperson said. “That’s what we want to do.”
