WPCNR CITY HALL CIRCUIT . Interview with George Gretsas From the Mayor's Office. August 12, 2003: Official notice went out from City Hall Tuesday night calling for a Special Meeting of the Common Council Wednesday evening at 6 P.M. naming Starbucks, the Seattle-based coffee brewers chain, as the "vendor of choice" to run the "Open Space Incubator" kiosk in Renaissance Plaza, the water fountain park being built by Louis Cappelli.

Wednesday the council will take the first of two votes on the Letter of Intent to sign an agreement with Starbucks to run the kiosk, the Mayor's Executive Officer, George Gretsas said tonight, who said the city's Paul Wood (Economic Development Officer) had worked very hard to bring the popular coffee brewers to the city. Gretsas said the kiosk, to be constructed by Louis Cappelli, the developer of City Center, will cost $575,000 with construction capped at that figure. Gretsas added that the construction cost of the 20 foot by 55 foot building targeted for the corner of Court Street and Main would be capped at the $575,000 figure, with Mr. Cappelli paying any overruns.

The city has raised $260,000 of the $575,000 thanks to a $90,000 grant from Congresswoman Nita Lowey, a $50,000 federal economic development grant secured by Paul Wood, the city's Economic Development officer, and an additional $75,000 already allocated for the kiosk by the city. The balance of $360,000 will be bonded for, Gretsas said and the terms of the Starbucks "deal," which was not disclosed "make the project profitable in the first year," Gretsas reported. Gretsas said the Open Space Incubator concept allows the city to build open space acquisition funds, by paying off the debt service through profitable operation of the kiosk, rather the city simply devoting money to open space, which would not "grow" as fast because of the debt service, he said.

Gretsas said  the bond would cost $50,000 a year for 10 years and would return a profit in the first year.