Dayton City Commissioners on Wednesday will be asked to approve a $75,000 five-year, interest-free loan from CityWide Development to Coco’s Bistro to help pay for the renovation of the restaurant’s new location at 250 Warren St.

Coco’s co-owner Karen Wick-Gagnet said the total cost of the renovation will “easily be $1 million” by the time the restaurant relocates from 515 Wayne Ave. next month - a move in the works since 2009. Some aspects of the renovation and construction have been more costly than expected, including the excavation of land for a parking lot that uncovered metal and construction debris from previous demolitions, Wick-Gagnet said.

The last day for the existing Coco’s will be Oct. 27. The opening date for the new Coco’s and its bar, the High Violet Lounge, is scheduled for Oct. 29.

Wick-Gagnet, who owns the restaurant with her husband Jim Gagnet, said the couple has decided to postpone any decision about what to do with the existing Coco’s building until after the first of the year. The restaurant has been for sale or lease, and Wick-Gagnet had said some restaurateurs had expressed interest in leasing the building.

City staffers have recommended that city commissioners approve the CityWide loan to Coco’s owners, citing the restaurateurs’ 20 years of business experience and that fact that Coco’s “is an established upscale restaurant that has been offering fine dining in Dayton for the past 12 years.”

The recommendation from Assistant City Manager Shelley Dickstein also notes that the loan represents a relatively small proportion of the total project cost.

The move to Warren Street will bring several advantages, Wick-Gagnet has said. Those include a threefold increase in dedicated parking spaces to 120, the addition of a special-events room that will seat up to 80, and the lounge that will offer seating for about 22 around the bar and 40 more in the lounge surrounding the bar.