A new entertainment space is in preparation for Urbana – on Street race.
At the Tuesday committee of all the meeting, the city council of Urbana and a representative of the project promoters discussed a redevelopment agreement proposed for Fernie’s High Horse.
The place would be located at 118-120 S. Race St., where two insurance companies operated before.
The developers plan to transform space into an entertainment center with coffee, coffee, full service bar and live entertainment space capable of accommodating up to 250 people.
The second floor would include four two -bedroom apartments.
The municipal council documents show that the project would cost $ 2.1 million, the developers offering $ 258,000 in Tif funding from the City of Urbana to help cover costs.
“The city provides a tif incitement of $ 258,000. It is structured a little differently, with an initial payment of $ 100,000 after completion, followed by an initial payment of $ 100,000, then four annual payments $ 39,500 from the fourth year, subject to business performance.
The documents of the municipal council estimate that the place will create 50 to 75 jobs per year.
The objective is to open in the fall of 2025.
The City Council of Urbana will vote on the agreement on Monday evening.