Cohen Barnes, owner of Sundog IT has approached the City in regards to the rehabilitation of the property located at 230 East Lincoln Highway (“formerly Moxie’s”). Barnes has acquired a contractual option to purchase the property. Due to the age of the building, there are significant upgrades needed to make the building viable for his business, as well as bring the building into compliance with current standards. Upgrading the building is not economically feasible absent assistance from the City, given the significantly greater cost of repairing this structure as compared to occupying an existing (new) commercial facility or constructing a new commercial facility.
Despite the economic disadvantage of rehabbing in the downtown versus purchasing a newer building or building new, Barnes is interested in investing in the downtown in an effort to help the City realize its strategic plan vision of community vitality and a vibrant downtown. Barnes’ development company, The Bandit’s Castle, LLC, can make the investment in the downtown with Tax Increment Financing (TIF) assistance for the rehabilitation of the property. He is requesting the City’s assistance to provide 33%, not to exceed $400,000, of a project estimated to cost up to $1.2 million.
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