Ron Chamblin came into a meeting with a Downtown Investment Authority committee seeking $37,560 for renovations he’s planning for the former Gus & Co. shoe and luggage repair storefront.
The application calls for the almost 1,878-square-foot ground floor space to be turned into a restaurant offering vegan/vegetarian fare.
But when Chamblin sat down Tuesday with the DIA’s Retail Enhancement Committee, he had an admission: He wasn’t quite sure what he wanted the space to be. Or even if he was going to own and operate it or lease it out to someone else.
It would be a few months until he made any decision.
“Right now, I don’t know,” Chamblin told the committee.
That changed the dynamics of Monday’s meeting from approval of the grant to tabling it for the time being. If Chamblin decides to lease the space instead of keeping it himself, it also changes how the DIA can provide funding for the project. Instead of a straight forgivable loan, he would be obligated to pay back a portion of the five-year loan each year he doesn’t have a tenant.
The project would cost almost $475,000. It’s create 6 1/2 full-time equivalent jobs, but Chamblin questioned the listed salary line item of $80,000.
He said it should be closer to $110,000-$120,000.
It was just another reason to hold off a few months on the application, which committee members Jim Bailey, Daily Record publisher, and Jack Meeks said couldn’t be fully evaluated given the new information.
Chamblin said he was OK with that. He didn’t need the money just yet, although he’ll be doing some early demolition work soon.
From there, discussion turned to the program itself and whether any additional information on items like financial feasibility should be implemented for further safeguards. That was brought up by Meeks, but DIA member Doris Goldstein, who is not on the committee, countered that funding shouldn’t be provided to just the “safe bets.”
Instead, she said, small businesses and entrepreneurs should be encouraged to step up.
Authority CEO Aundra Wallace said he would provide to board members a breakdown of how the organization looks at projects.
While Chamblin’s joins Daniel James Salon and Wine Decadance as pending applications, one of the retail enhancement program’s initial approved deals is off.
Jersey Mike’s Subs was slated to receive $28,000 for building a 1,400-square-foot restaurant on the ground floor of the SunTrust Tower. But, the franchisor is no longer considering the space for various reasons, according to DIA staff.
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