Clear Lake council approves letter of intent for economic development agreement for family entertainment center

CLEAR LAKE — The Clear Lake City Council this week approved a letter of intent to enter into an economic development agreement with the owners of a family entertainment center that will include a bowling alley. Lake Pin & Play will offer six lanes of bowling, an arcade, multisport simulators as well as a bar and dining area in the former Lake Lanes location at 514 Buddy Holly Place in the Surf District.

City Administrator Scott Flory says the city will provide a forgivable loan for the project.  “The city’s letter of intent would identify a forgivable loan that we would make to the owners of the property, so it would be in an amount not to exceed $350,000. We would pay half of that in our fiscal year, so half of that in December of this year and then half of it in our next fiscal year, so in the month of July next year.“

Flory says the agreement would also include a property tax rebate agreement.  “We would agree to have a property tax rebate to the owners for a period of seven years in an amount not to exceed 90% of the new valuation that’s created. So establish a base valuation of $440,000, and so the rebate would apply to the taxable value above that base valuation. That would start in our Fiscal Year 2027.”

The owners, Tyler and Debbie Kerr and Nick and Debbie Plagge, hope to open the business in mid-January.