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RM 11-03-00
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RM 11-03-00
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1/22/2013 7:41:04 PM
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a <br />EAST RACE PLACE- <br />2-YEAR CAPITAL EXPENDITURE PLAN <br />We propose to buy the current Commerce Center and create an exciting mixed -use <br />development. The building will be called East Race Place. <br />This transformation will happen in 5 phases- <br />Phase I- we have an Intent to Purchase with the current owners. Our plan is to <br />purchase the building, and immediately remarket and rename the building. <br />Purchase of the building- $3,000,000 <br />Loan from current owners- $2,400,000 <br />Down payment- $600,000 <br />New signage $45,000 <br />Purchase of land west of parking garage $15,000 <br />Phase II- Extend existing atrium out to the Race and create new entryway. <br />New entryway- <br />$75,000 <br />Phase III- Begin building of the new restaurant and Chocolate Cafe spaces. <br />Restaurant and Cafe additions- <br />$750,000 <br />Phase IV- Chocolate Company completes move and opens tourist facility. <br />Factory and tour facility build -out- <br />To be open by August of 2002 <br />$900,000- <br />$1,200,000 <br />
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