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- 49 <br /> Findings: <br /> 1. The current Stonehouse on-sale restaurant is in need of replacement. No additional capital investments <br /> should be made in the existing building. <br /> 2. The Stonehouse cannot be considered to be profitable. Given its current condition it is likely to be <br /> more unprofitable in the future. <br /> 3. St. Anthony Village would be required to invest approximately $1,000,000 to $1,250,000 for a new. <br /> building to continue on-sale operations. <br /> 4. Gross annual revenues of$1.25 million to $1.5 million will be required to service the operation and <br /> debt. It is very difficult to sustain this level of sales in a highly competitive market. <br /> 5. The current site is too small to permit appropriate redevelopment for commercial uses that include both <br /> on-sale and off—sale liquor sales. <br /> 6. The primary financial function of the Stonehouse appears to be an outlet for charitable gambling. <br /> 7. Charitable gambling is projected to be at least as profitable at a new city owned or privately owned on- <br /> sale restaurant(s). <br /> Recommendations: <br /> 1. Explore redevelopment of the Stonehouse site with off-sale liquor retail store as a potential tenant. <br /> 2. Cease on-sale liquor store operations. <br /> 3. Conduct referendum to permit municipal off-sale and private on-sale operations. <br /> 4. Permit charitable gambling at restaurants serving liquor. <br /> Alternate Recommendation: <br /> 1. Consider a referendum to approve $1,000,000 to $1,250,000 to fund a new on-sale liquor store. <br />