The Gainesville City Council is set to vote on Tax Allocation District funds for the renovation of a long-vacant site on Jesse Jewell Parkway where a Shoney’s Restaurant and Chinese buffet previously operated.
At a Gainesville City Council work session Thursday, Assistant City Manager Angela Sheppard presented the application for TAD funding for a Korean BBQ restaurant named K-Table.
K-Table originally requested $200,000 in TAD Funding, but the TAD Advisory Committee recommended approving $75,500 in TAD funding for K-Table for the paving of the parking lot and a portion of the new landscaping costs at the site at 635 Jesse Jewell Parkway.
If the TAD application is approved at the City Council voting session on Jan. 19, K-Table would receive the funds after submitting invoices for the work that the funds are intended for.
The base fair market value of the building was about $595,000 in 2006 but decreased to an assessed value of $526,800 in 2020.
“This is one of the examples of why TAD exists. It’s, how do we turn that around and keep it from going further into decline,” Sheppard said.
The City of Gainesville website describes Tax Allocation Districts as a way to encourage redevelopment by reinvesting property taxes from a new development back into the project.
The total construction cost of the project, including the cost of the land, is $1,364,469, according to Sheppard.
Sheppard said K-Table is planning to completely renovate the interior of the building, bring façade improvements to the exterior and improve the landscaping on the site of the business.
http://accesswdun.com/article/2021/1/971244/gainesville-to-vote-on-tad-funding-for-new-korean-bbq-restaurant