A Downtown Investment Authority board committee unanimously approved its first applicant for DIA’s Food and Beverage Retail Enhancement Program, which could be approved by the full DIA board next week.
The Downtown retail incentive program must be approved by the full DIA board before any grants can be awarded. DIA CEO Lori Boyer said May 20 she expects the board to consider final passage of the food and beverage incentive at its June 17 meeting.
Ruby Beach Brewing Co. is requesting a $75,000 forgivable loan from the program. The money will be used for build-out costs for its second phase of construction, which includes a taproom, second-floor event room and outdoor patio space at 228 E. Forsyth St., according to the application.
The application was included in the DIA Retail Enhancement and Property Disposition Committee meeting agenda packet.
Phase two is expected to cost $337,100. Landlord 228 Forsyth Inc., owned by Petra Realty’s Chris Hionides, will have to contribute $286,500 toward the second-phase costs, according to the program’s requirements.
The DIA board must approve the application, expected at the June 17 meeting.
Board members Jim Citrano, Oliver Barakat, Carol Worsham and Todd Froats serve on the committee.
The company’s ability to succeed Downtown is a major factor in approving its application, said DIA CEO Lori Boyer. The application requires a business plan, market analysis, sales forecast and cash flow analysis to prove it will be solvent Downtown.
“They are bringing their successful operation into Downtown Jacksonville, I think that’s a wonderful sign, the type of activity we are hoping to drive,” said DIA Director of Downtown Real Estate and Development Steve Kelley, who presented the application to the committee.
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