By Elizabeth Sias
Isanti residents could soon have a new place to sit down and enjoy a meal.
On Tuesday, July 19, the Isanti City Council approved project plans for a Dickey’s Barbecue Pit coming to 410 Main St., on the former Burger Top site.
If the applicant receives a satisfactory review of financial information, the city will provide $50,000 to developer Rick Waytashek of RMW Twins, LLC, for the 2,650 square foot restaurant with drive-thru using special Tax Increment Financing (TIF) funding made available to Isanti to promote economic growth within the community. Another $25,000 would come from the city revolving loan fund.
The funding is also contingent on the developer securing private bank financing and receiving approval on the development agreement from the development attorney.
The restaurant will create 8 to 13 new jobs with wages ranging from $7 to $28 per hour, and the project has an estimated market value of $600,000 which would generate $19,000 in taxes annually.
The developer demolished the old building, preparing the site for immediate construction, which is scheduled to begin before July 2012. In the spending plan approved by the council, the TIF funding will be used to pay for the land acquisition and for construction of the restaurant.
The city council approved the site plan with several conditions, including the requirement that two bicycle parking spaces be provided, a sprinkling plan be submitted for approval and that all building signs be approved by city staff prior to construction.
2011 Street and Utility
The council authorized the purchase of $790,000 in general obligation improvement bonds for the 2011 street and utility improvement project.
Paul Donna of Northland Securities met with the Finance Committee to discuss the project, and council members reviewed the finance plan at their meeting.
As recommended by the city’s Finance Committee, the debt is scheduled to be repaid over a ten year period, with the first interest payment scheduled for Aug. 2012 and the first principal payment Feb. 2013. The interest estimate is based on a rate of 2.72 percent.
The total estimated interest payment will be $120,308 for a total of $910,308.
The city expects special assessments against benefitted properties for $341,103 for 10 years at 1.75 percent, and also expects to use water and sewer revenues to pay for a portion of the utility improvements.
In other action, the council:
• Approved the special event request to Rum River BMX to hold a BMX State Championship Series Race on July 22, 23 and 24 at the BMX track.
• Approved the special event request to the Minnesota Owls Hockey team to hold an opening night tailgate party Sept. 7 from 4 to 6 p.m. in the parking lot of the arena at 600 1st Ave. NW.
• Accepted a quote from Kuehn Roof Systems Inc. for $22,760 for the repair of the Wastewater Treatment Plant roof, which has several tears, holes and leaks.