Florida-based Darden Restaurants had its plans approved for a 9,300-square-foot restaurant in January, but there was initially a delay in parking spaces that would be available. With that hurdle cleared the business reached an agreement that expires 10 years after the opening of the restaurant.
It will be at 1202 E. Hwy. 114, Ste. 100, which is the site of the former Lo-Lo’s Chicken & Waffles.
The backstory
Capital Grille Holdings submitted a request for public investment, seeking a 50% reimbursement from the general fund sales tax to be generated from the future restaurant in September.
According to a plan registered with the Texas Department of Licensing and Regulation, the renovations will be $1.8 million. The construction has a start date of June 26 and an end date of Feb. 2, 2024.
The conditions
- The Capital Grille must open no later than June 1, 2024.
- It must generate a minimum of $60,000 in general fund sales tax for the corresponding calendar year, and excludes sales tax generated for any other city funding source or state-generated sales tax.
- The $60,000 in general fund sales tax can be prorated for the first and last year if it is less than a full 12-month year.
- Maintain a minimum of 50 total employees at the restaurant at all times.
- The Capital Grille must make a capital investment in the improvements of the space in the amount of at least $5.1 million.
In the resolution passed, the document stated the agreement “would satisfy a fundamental objective of the city’s strategy, which is to attract and keep top businesses to drive a dynamic and sustainable economic environment.”
