Silverthorne rolls out sales tax rebate for new Italian restaurant
August 19, 2016
Have a hankering for pizza? A new Italian eatery and family restaurant is set to open this summer, with views of the Blue River to boot.
The Silverthorne Town Council approved the new restaurant, Sauce on the Blue, for its Enhanced Sales Tax Initiative Program (ESTIP). The program allows local businesses to enter a temporary sales tax reimbursement agreement with the town in exchange for a public benefit, such as job creation or the improvement of a space.
"We've been wanting to see a restaurant in phase two of the town center for a long time," assistant town manager Mark Leidal said. "It's seen as a win-win for the community."
Seven other businesses have received ESTIP grants in the past, including Baker's Brewery, Starbucks and the Hampton Inn most recently. The town also awarded one to Angry James Brewery, which will open later in 2016.
"We wanted to expand the ESTIP program to smaller businesses in our community," Leidal added.
Sauce on the Blue meets the town's requirement of enhancing sales taxes by at least $5,000, and will create jobs and occupy a vacant space. In addition, the new business will not displace any existing restaurant, adding to the public benefits. It will be managed by Summit County local Shervin Rashidi.
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The new restaurant, set to open near the Silverthorne Pavilion, is eligible for up to $40,000 over a five-year period.
"It looks like there's a lot of activity going on in there which is great," Mayor Bruce Butler said. "We are all excited to have a restaurant in there and wish them enormous success."
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