STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 8, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize a Chapter 380 economic development grant and loan agreement with P3 Holdings, LLC and/or its affiliates in an amount not to exceed $700,000.00 in consideration of Royal Blue Grocery operations and expansion of locations in Dallas, in accordance with the City's Public/Private Partnership Program - Not to exceed $700,000.00 - Financing: 2017 Bond Funds (Proposition I) ($350,000.00) and Public/Private Partnership Fund ($350,000.00) (This item was deferred on December 11, 2019)
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BACKGROUND
Since March 2019, city staff has been in discussions with P3 Holdings, LLC (P3) regarding the expansion of Royal Blue Grocery locations in Dallas. Royal Blue Grocery (RBG) is a compact urban market that opened its first store in downtown Austin in 2006. Currently, there are 10 RBG stores operating in Texas, including six stores in Austin, one in San Antonio, and three (3) in Dallas, each custom tailored to the neighborhood they serve.
P3 owns and operates multiple franchises of RBG stores in the Dallas area. In 2015, P3 opened its flagship store in Highland Park Village. In July 2018, a second location opened on the ground floor of the Mercantile Building in downtown Dallas. P3 opened a third location at the Trammel Crow Center in September of this year. P3 plans to open and additional store in the North Oak Cliff/Bishop Arts area at the former location of Bolsa Mercado at 634 W. Davis Street. The total renovation costs for the Davis Street location is an estimated $858,633.00. Improvements to this location include new kitchen equipment, installation of refrigeration equipment and aisles for groceries, finish out of a small seating area for coffee and caf? area and design and furnish patio seating on ...
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