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MEBA Program Draft global beer lounge & grill

CRA Meeting April 11, 2011. MEBA Program Draft global beer lounge & grill. Minority/Women Entrepreneur Business Assistance (MEBA). MEBA was approved by the CRA Advisory Board on March 22, 2006 and the CRA on August 28, 2006

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MEBA Program Draft global beer lounge & grill

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  1. CRA Meeting April 11, 2011 MEBA ProgramDraft global beer lounge & grill

  2. Minority/Women Entrepreneur Business Assistance (MEBA) • MEBA was approved by the CRA Advisory Board on March 22, 2006 and the CRA on August 28, 2006 • Updates to the MEBA Program Guidelines were approved by the CRA on October 18, 2010 • The intent of MEBA is to focus on small business retention and creation in the Parramore area of the Downtown Orlando Community Redevelopment Area • MEBA provides qualified new and existing office & retail businesses both non-monetary (small business counseling) and monetary assistance for the purposes of Business Retention/Relocation expenses, Purchase of Capital Equipment, Marketing, and/or Start-Up Expenses of up to $40,000

  3. MEBA Advisory Board(Seven Members) CRA Advisory Board and CRA approved the following as members of MEBA: • One member from each BBIF, HBIF, and SCORE • One member from the CRA staff • One member from the City of Orlando Finance Division • City of Orlando’s Director of Urban Development • City of Orlando’s Real Estate Division Manager

  4. MEBA Advisory Board Review • Applicant proposals are submitted at least 4 weeks prior to MEBA Advisory Board Meeting • MEBA Advisory Board reviews: • Business plan, including financials (profit and loss projections for existing businesses and cash flow statements for start up businesses) • Review history of the business and industry experience of the owner/operator • Lease agreement • Proof of minimum investment (10%) • Criminal background check • MEBA Advisory Board then recommends approval, denial, or deferment • Following MEBA Advisory Board’s recommendation of approval, request then forwarded to the CRA Advisory Board for a recommendation to CRA

  5. MEBA Funded Businesses • J. Henry’s Barber Shop • Johnson’s Diner • The Leak Doctor • Midtown Realty of Orlando • Nikki Nicole’s Boutique • Nikki’s Place • Sakile • Shiobhan Charles Salon • Paradise Island Café • All Tied Up • Sweet Stop Candy Co. Funding Total: $366,815.20 Budget Total: $550,000.00

  6. Draft Global Beer Lounge & Grill • Draft Global Beer Lounge and Grill will feature a full, upscale restaurant menu as well as wide variety of beers, including 40 draft beers and more than 100 varieties of bottled beer • Located at 333 W. Church Street • Vendor’s Way across from the Amway Center • Northwest corner of W. Church Street and S. Hughey Avenue • Owner/Operator: Willie Fisher and Patrick Nix, The 301 at 333 West Church Street Station LLC • More than 18 years in the food and beverage industry, with experience owning and managing other Metro Orlando establishments

  7. Draft: Location

  8. Draft: Storefront

  9. Draft: Interiors Draft will provide a high-quality customer experience to attract customers from Amway Center and Downtown

  10. Draft: Interiors High End Finishes

  11. Draft: Target Market • Draft will be marketing the business toward: • Young Professionals • Tourists and Business Travelers • Sports Fans • College Students • Advertising to capture Amway Center traffic • Grand Opening events • Direct marketing to local businesses and hotels in Downtown Orlando

  12. Draft: Competitive Advantages • Advantages of Draft over its competitors: • Location • Quality of food • Exceptional service • Entertaining experience • Marketing and themes directed toward the target markets • Celebrity events

  13. Draft: Features • Draft Global Beer Lounge and Grill will be a full-service restaurant that features wide variety of beers • Entertainment and sports themed décor • Seating for up to 350 guests • State of the art audio and video systems, including audio controls at each table

  14. Draft: Exceptional Customer Service Draft will do more than plan to have exceptional customer service, they will develop and cultivate it: • Bi-monthly service training • Specialized trainings for management and employees • Employee recognition program • High service employee to customer ratio (1 per 35 guests) • Empowerment of employees to solve problems without management intervention will support efficient service

  15. Draft: Sales

  16. Draft: Financial Projections

  17. Draft: Start Up Costs The owner/operator has coordinated over $700,000 of investments to open the restaurant • Build-out of the tenant space with high-end finishes • Design and build commercial kitchen • Upgrades to A/C and other equipment • Furnishings • Exterior signage and decorative treatments • Point of sale system • Staffing

  18. MEBA Funding Request Request of $40,000 for purchase of a Point of Sale System

  19. CRA Advisory Board Recommendation CRA Advisory Board reviewed the request on March 23, 2011 and recommended approval of MEBA funding in the amount of $40,000, to be used as follows: Capital Equipment: $40,000 Point of Sale System ____________________________________________________ Total Amount $40,000

  20. MEBA Funding Agreement:Conditions to Funding • Draft Global Beer Lounge and Grill must maintain location at 333 W. Church Street or in another comparable space within the Target Area • Shall be open for business a minimum of five days a week and eight hours per day for at least 40 hours each workweek • Shall maintain active, transparent storefront windows

  21. MEBA Funding Agreement:Conditions to Funding • Shall include the official Downtown Orlando logo on all of its electronic and print advertising and promotional materials, and shall display the Downtown Orlando logo, as provided by the CRA, on the front main entrance door of the business • Shall install dynamic and highly visible identification signage. All signage must comply with the sign regulations of the City of Orlando and are subject to the approval of the City of Orlando Downtown Development Board Development Review Committee (DRC)

  22. MEBA Funding Agreement:Conditions to Funding • Shall seek technical assistance from an economic development organization or company, approved by the CRA Executive Director, or his designee, in certain areas including, but not limited to, accounting and bookkeeping training, and assistance in developing a marketing plan • Shall submit a marketing plan to the MEBA Advisory Board within three months of the Effective Date of the Agreement

  23. Conditions to Funding • Draft Global Beer Lounge and Grill shall submit a Designed Action Plan (DAP) prior to receiving the first payment from the CRA • DAP is a new requirement from the October 2010 MEBA Guideline Updates • DAP will outline implementation plan for MEBA funding • Security Agreement and Continuing Guaranty, to protect the CRA’s investment

  24. Action Needed Staff requests approval from the CRA for the MEBA funding Agreement between the CRA and The 301 at 333 West Church Street Station LLC and authorization for the Chairman of the CRA and the Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney's Office, and approval of expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in the amount of up to $40,000.00 in MEBA funding for Draft Global Beer Lounge and Grill.

  25. QUESTIONS?

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