Denison considers permits for new downtown bar
Urban Bourbon, a new bar and outdoor cigar lounge has asked for permission to open 421 W. Main. The permit for the new bar will be considered when the Denison City Council meets Monday at 6 p.m. in Denison City Hall.
The proposed bar comes as the city has made strides in recent years to develop its downtown core as an entertainment district complete with retail shopping, dining options and entertainment.
City staff started working with applicants for the project over this past summer and provided feedback on the project.
In documents for Monday meeting note that the applicant is also asking for an allowance to set up a food truck as a possible addition to the business.
City staff are recommending approval for the project.
In other matters, the city is proposing the creation of two new Tax Increment Reinvestment Zones to help finance public improvements with the hope of spurring development and redevelopment.
TIRZs have been used in recent years by many cities, including Sherman and Denison, to help finance improvements to specific areas and districts.
A TIRZ allows the city to set aside a portion of its sales tax revenues above the initial values from when the district was created. These funds are then designated specifically for improvements within the district, ranging from streets and infrastructure to other public improvements.
City officials have previously expressed hope that these improvements will increase the value and desirability of properties in the area, leading the redevelopment. This in turn will increase the taxable value of the zone and lead to additional funds that are set aside for improvements.
The first proposed TIRZ, the fourth that would be active in the city, would encompass about 1,900 acres of land across 625 parcels surrounding Loy Lake. The base value for this zone would be $114 million.
The second zone, TIRZ no. 5, would encompass 3,000 acres of land around the Waterloo Lake area, with an estimated base value of $463 million.
Monday's action would set that stage for the city to adopt and create the new zones in December.