Goddard approves IRBs for possible Old Chicago

By Sam Jack

GODDARD – At its meeting Monday evening, the Goddard City Council approved $4 million in industrial revenue bonds (IRBs) for possible construction of an Old Chicago restaurant in the Goddard STAR bond district.
Garden City-based developer Amro Samy previously included an Old Chicago as part of a larger plan to develop the STAR bond district, but that went by the wayside when Samy and his partner, Cecil O’Brate, withdrew their proposal.

 

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Brandon Steven later stepped in; he plans to build a Genesis Health Club, indoor swimming pool, sports fields and daycare facility in the district.
The company listed as tenant on the IRB resolution is registered in Samy’s name.
Silcott said there are no firm plans in place to build the restaurant at this point, because Samy is still doing “due diligence.”
The bond issue does not include a property tax abatement, but it does include a sales tax exemption for construction materials only.
“Since we’d previously offered up (the sales tax exemption), we knew the cost/benefit analysis of what would be generated and what would be lost,” Silcott said. “Once this is constructed, it’ll be generating sales tax revenue.”
The resolution for the IRBs will remain in place until Dec. 31, 2020, unless extended by a vote of the council.