Laserfiche WebLink
Restaurant Broker 2004 <br />■ Project: City contracted with <br />preeminent Bay Area <br />restaurant broker, Paul <br />Stanners, who negotiated with <br />two quality restaurateurs- E&0 <br />Trading Company and Faz <br />■ Location: Blue Dolphin site <br />■ Status: E&0 considered for restaurant and 100 <br />person banquet facility due to better financing, more <br />staying power, history of quality development and <br />image as an up and coming restaurateur <br />Restaurant Broker 2004 (continued) <br />■ Hurdle: E&0 required investment of $2.5m ($1m in <br />infrastructure improvements and $1.5m to build <br />restaurant shell). The City was unable to justify the <br />General Fund expenditure given constrained City <br />revenue and increasing expenditures (City was cutting <br />programs & services in 2004-05) <br />■ Lessons Learned: <br />— Some mid -level chain concepts may require little or no <br />City investment (rent based on performance only) <br />— Premium dining establishment can be attracted on a <br />build -to -suit basis (City builds shell & infrastructure) and <br />will pay guaranteed market rent <br />— Marina Ad Hoc Committee wanted restaurant with better <br />name recognition <br />9 <br />