6.a.
TCEDC Agenda
- Meeting Date:
- 10/04/2023
- Title:
- ratifying an agreement between TCEDC and The Gilded Gecko for the purpose of providing signage.
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Approval of Resolution 2023-22, ratifying an agreement between the Texas City Economic Development Corporation and The Gilded Gecko for the purpose of providing signage.
BACKGROUND
The Economic Development Corporation has historically provided incentives to businesses located on 6th Street to actively promote the redevelopment of 6th Street and encourage visitation to the area.
Specifically, the 6th Street Signage incentive program allows for the EDC to pay for 100% of new signage for a qualifying business.
As of September 1, George and Sherry O’Conner d/b/a The Gilded Gecko leased 413 6th Street from the EDC, and repairs and improvements are underway prior to its grand opening. As the business is in need of new signage as well as new door lettering, staff has obtained an estimate from TNT Signs to cover both needs.
The estimate – with a total cost of $875 – is provided for review. Staff verified with TNT that the lettering will meet all Texas City Fire Marshal requirements. Funds are available to support the incentive program in the EDC budget under Business Incentives (801-050-53111).
In the event the Tenants vacate 413 6th Street after one (1) year, Tenant has agreed to reimburse TCEDC for 50% of the total cost of sign installation, and to reimburse 25% if vacating after two (2) years.
To meet the timeline necessary to allow the business to open on schedule, George and Sherry O’Conner signed the agreement in September 2023.
Specifically, the 6th Street Signage incentive program allows for the EDC to pay for 100% of new signage for a qualifying business.
As of September 1, George and Sherry O’Conner d/b/a The Gilded Gecko leased 413 6th Street from the EDC, and repairs and improvements are underway prior to its grand opening. As the business is in need of new signage as well as new door lettering, staff has obtained an estimate from TNT Signs to cover both needs.
The estimate – with a total cost of $875 – is provided for review. Staff verified with TNT that the lettering will meet all Texas City Fire Marshal requirements. Funds are available to support the incentive program in the EDC budget under Business Incentives (801-050-53111).
In the event the Tenants vacate 413 6th Street after one (1) year, Tenant has agreed to reimburse TCEDC for 50% of the total cost of sign installation, and to reimburse 25% if vacating after two (2) years.
To meet the timeline necessary to allow the business to open on schedule, George and Sherry O’Conner signed the agreement in September 2023.
ANALYSIS
Approve Resolution 2023-22, ratifying an agreement between the Texas City Economic Development Corporation and George and Sherry O’Conner (The Gilded Gecko) for the purpose of providing business signage.