Story courtesy of Ken Helms, Communications Director City of Monmouth
Mr. Chase Gibb, who owns three restaurants in Iowa, has purchased the old Barnstormers building off West Broadway Avenue at the intersection of the Highways 34/67 Bypass and plans to undertake significant rehabilitation work to open a new restaurant at that location. In addition to the cost of purchasing the building, Chase Gibb will invest an additional $174,832.50 in rehabilitating this building to protect its structural integrity and bring it up to current construction code standards. Significant improvements will include repair and replacement of roof trusses and roof panels, installation of a new rooftop HVAC unit, and installation of a new 100-amp electrical panel system with new wiring to meet the international building code. This work will preserve and maintain this commercial structure for many years and, coupled with interior renovations and new outside landscaping, improve the overall appeal of the new restaurant.
After review of the Commercial Building Rehabilitation Program guidelines, the construction work qualifies for TIF financial assistance in an amount not to exceed $32,000. It leverages a new private investment with a 5.5 to 1 ration, not to mention the restoration of essential state sales tax and local home rule sales tax revenues to the City of Monmouth.
A motion was made to approve this application and authorize staff to reimburse Mr. Gibb these funds once all rehabilitation work has been completed and inspected, upon submittal of documentation that all invoices have been paid. The motion was approved.
