TO: Chair and Members of the Board
FROM: Samuel A. May, Executive Director
DATE: March 13, 2019
Title
APPROVING A BUSINESS INCENTIVE GRANT AGREEMENT IN AN AMOUNT NOT TO EXCEED $25,000 WITH THE VO AN VIETNAMESE RESTAURANT.
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BACKGROUND:
Mr. Phong Truong, on behalf of Vo An Vietnamese Restaurant submitted an application for the Business Incentive Grant Program to the MCRA Office requesting $25,000 for interior construction of the commercial operating space for his new and upcoming restaurant.
On July 31, 2018, Mr. Truong under Truong Property Management, LLC purchased the subject commercial property, which consist of a 2,894 SF commercial building where the Vo An Vietnamese Restaurant will operate. This location was formerly occupied by the IHOP Restaurant.
Property taxes and City utilities on this property are current. Also, the property does not have any open Code violations or pending fees.
The applicant is Vo An Vietnamese Restaurant, which is owned and will be managed by Mr. Phong Truong. Mr. Truong will be the main chef of the restaurant. The applicant is requesting a Business Incentive Grant of a maximum of $25,000 for interior construction of the restaurant. After completion of the construction work of the operating space, the Vo An Vietnamese Restaurant will employ initially one chef, five wait staff and 3 kitchen help staff for a total of nine employees during the first year. Mr. Truong expects to employ a total of 12 individuals during the second year of operations, and a total of 13 individuals during the third year of operations.
The restaurant will be a full service Vietnamese restaurant, which will seat up to 140 guests and will offer a vibrant menu of authentic Vietnamese cuisine.
The purpose of the project is to adapt and renovate the commercial space to the needs of the new Vietnamese Restaurant. The project includes a new ADA compliant bathroom, new bar area, kitchen equipment (hood and vent),...
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