Title
Introduction and Discussion on the Local Economic Development Act (LEDA) Public Participation Agreement High Level Terms for The Rock Redevelopment Project (AKA Former Time Out Pizza Building) Located at 116 and 118 State Route 4 in White Rock
Body
The purpose of this item is to introduce the new redevelopment project called The Rock located at 116 and 118 State Route 4 in White Rock, (aka former Time Out Pizza building) before the Council considers formal introduction and public hearing of a public participation ordinance. No action is requested and developer Managing Member Janet Lovato, VE Holdings, will attend to give a project overview and answer questions.
VE Holdings is a partnership comprised of local residents Janet Lovato and Timoteo Martinez.
An initial LEDA application was submitted by VE Holdings on September 19, 2025. After several conversations to clarify the project scope and public financial request, a LEDA participation agreement was drafted by legal counsel.
The proposed project renovates the former Time Out Pizza building into a bar, frozen yogurt shop, laundry mat, and additional infrastructure to accommodate food trucks and provide new electric vehicle chargers. The estimated project construction cost is 1.2 million dollars. The public participation funding does not restrict market rate sales, rents or require an all electric building.
The requested County fiscal participation from the Economic Development fund is a total of 868 thousand dollars in the form of a ten year, zero interest loan to be paid back starting in year three through year ten of the participation agreement. The economic benefit of the redevelopment project is estimated to exceed 1 million dollars of gross receipts tax on construction and food/beverage and retail sales over ten years of the participation agreement term. Additionally, the project is anticipating to generate 17 new full-time equivalent jobs.
VE Holdings has stated their intent to apply for an additional 400 thousand dollars of Metropolitan Redevelopment Area (MRA) funding for exterior building and site improvements and amenities.
The anticipated Introduction of Public Hearing date is June 30 or July 7, 2026 and the Public Hearing for approval consideration will be on July 28, 2026.
Fiscal and Staff Impact/Planned Item
Approved and executed LEDA PPAs are funded from the Economic Development fund.
Attachments
A - Project Images