Downtown Investment Authority CEO Aundra Wallace said with a little help, two upcoming Downtown projects could work.
On Wednesday, the authority’s board agreed.
The board approved resolutions supporting financial incentives for turning the Bostwick Building into a steakhouse and for the construction of a yet-to-be-named Brooklyn hotel.
The first would provide $750,000 for the owners of the Bostwick Building to rehabilitate and convert the historic structure into The Cowford Chophouse, a high-end restaurant that will serve steaks, seafood and more.
The ownership group heading the project could receive $500,000 from the Downtown Historic Revitalization Trust Fund and a $250,000 loan from the Downtown Economic Development Trust Fund. The loan comes with a 1.75 percent interest rate and will be paid over 11 years.
Wallace said the original ask was $1 million, but after review the incentives provided will “probably make this work.” Accompanying records for the deal show the group is committing $6.16 million for the renovation, build-out and operations.
The Historic Preservation Commission must sign off on the historic trust fund dollars and City Council must approve the overall deal.
Likewise, council will need to approve the Recapture Enhanced Value grant of $3.7 million the authority’s board approved for Parkview Partners LLC, which wants to build a $23 million hotel in the booming Brooklyn area.
The grant is a rebate on taxes a company generates through investment, with the hotel incentives being 75 percent for 20 years. The amount and length would require a council waiver, with the latter being a concern for board member Doris Goldstein. She preferred a 15-year term along with some of the funds flowing back into Brooklyn for neighborhood infrastructure.
After brief discussion, the board
unanimously approved the original terms.
While the board has signed off on supporting those two businesses, next week will start a new way to help Downtown businesses improve their look.
The$750,000 Retail Enhancement Program process begins Monday when authority board members host a workshop for potential applicants about the program, including how to apply for funding to improve their storefronts.
Wallace said he will begin to accept applications Dec. 1. He said there has been some intrigue in the program, but the 9:30 a.m. Monday workshop will show the level of support.
Chair Oliver Barakat and board members Jack Meeks and Jim Bailey, publisher of the Daily Record, will review the applications.
“I hope we get a lot of people there that are interested and excited about the program,” Barakat said. “I think demand is there … we just need to vet whether the projects are merited or not.”
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