LAKE DALLAS — The Lake Dallas Economic Development Corporation this week tabled consideration of a $100,000 grant to TTMJ Assets LLC, a company seeking to build a mixed-use building on the corner of Gotcher Avenue and Market Street.
The economic development corporation decided not to take any action until the developer provides additional information about the project.
According to city documents, the approximate $650,000 project will include three commercial units and three residential units.
The developer, Mike Mayberry, looks to invest $550,000 of his own company’s funds into the project and seeks to have the economic development corporation make up the rest.
The Lake Dallas Economic Development Corporation offers several incentives to developers who are looking to start or improve businesses. Because financial needs vary by business, the economic development corporation and the City Council work with companies to develop tailor-made offers.
According to city documents, Mayberry is requesting economic development corporation funds to assist with completing the building’s exterior and interior.
Mayberry told the corporation board members that he was in no rush to start, and the economic development corporation members said they felt they needed more information about the project.
“The EDC just wanted to get a detailed breakdown of the project costs before making a decision,” Mayberry said.
City officials said the project may come before the board again later this year if Mayberry chooses to gather additional information.
Mayberry said he will continue to pursue the grant and he’s hoping to have the item placed on the economic development corporation’s agenda again next month or in October.
According preliminary floor plans, Mayberry wants to build a two-story building with 7,200 square feet. Once construction starts, Mayberry said, he expects to have the project running within a year or a little later.
This isn’t Mayberry’s first mixed-use building project. In 2008, Mayberry began a similar project and completed it the following year with the help of the economic development corporation.
Mayberry’s company occupies the first floor of that building, which has two apartments on the second floor. It’s located on Main Street across from City Hall.
That property was sold by the economic development corporation to Mayberry in an effort to stir downtown development.
That property and other nearby properties were sold in an effort by the city to establish an area for retail, restaurants and quaint shops reflecting the approved 1850s Lakeside themed appearance previously adopted by the city, according to city officials.
JOHN D. HARDEN can be reached at 940-566-6882 and via Twitter at @JDHarden.