TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Executive Director
DATE: October 29, 2024
Title
COMPLETION OF RESTAURANT BUILDOUT AT CRA OWNED PROPERTY LOCATED AT 182 NW 5TH AVENUE
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Recommended Action:
Recommendation
Approve expenditure of funds to complete a restaurant buildout at CRA Owned property located at 182 NW 5th Avenue within CRA sub-area #3.
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Background:
At the November 17, 2021, CRA Board Meeting, the CRA Board approved a Commercial Lease Agreement with Jerk and Lime at Nicole’s House, LLC (Nicole’s House) for the CRA-owned property located at 182 NW 5th Avenue - The Muse House within the West Settlers Historic District.
At the September 1, 2022, CRA Regular Board Meeting, the Board approved authorizing the Executive Director to consider and, if acceptable, to approve Site Development Assistance Funding Agreement and later ratify the Agreement at the next scheduled Board meeting. To avoid potential delays, the funding agreement application was processed for approval administratively and was later ratified at the January 24, 2023, CRA Board Meeting.
Work has commenced and is underway, however delays in obtaining the interior alteration permit have caused delays in the completion of construction. Additionally, extended lead times for commercial kitchen items have also affected the completion of construction.
As a result, Nicole’s House requested an extension to the Buildout Period for the existing Commercial Lease Agreement. As stipulated in the Lease Agreement, when the Buildout Period expires, the tenant shall begin paying the full Monthly Base Rent amount. Additionally, Nicole’s House requested an extension to the Site Development Assistance Funding Agreement to assist with the cost of the improvements including kitchen buildout, electrical, plumbing, ADA-compliance, and related permitting fees. Both the Buildout Period and the Funding Agreement were set to expire on Ja...
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