Title
Consider/Discuss/Act on an Ordinance Authorizing a Budget Amendment Pertaining to Fiscal Year 2020-2021 to Provide Funding for the HUB Project Grant, and Providing for an Effective Date Hereof
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
Direction for Strategic and Economic Growth
MEETING DATE: February 16, 2021
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
RECOMMENDED CITY COUNCIL ACTION:
• Approval
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2020-2021 Annual Budget to utilize MCDC fund balance to provide funding for The Hub project at Custer and Highway 380 in the amount of $2,600,000.
• The Hub will be family friendly food and beverage anchored mixed-use entertainment district that will be located on a four-acre parcel within the planned West Grove development at Custer Road and U.S. 380.
• The Hub will include and indoor/outdoor food hall, walk-in movie theater, backyard sports bar, community gathering space, corporate event space, stage, live music and signature events - activated with daily programming.
• The Hub team will operate the facility providing food and beverage service, festival staff, programming of daily activities, development, leasing and management services.
• Amenities will include stage, event lawn and plaza, two-story community space, restaurants and retail operations.
BACKGROUND INFORMATION:
• The Hub Partners, LLC, is an entity created specifically for a potential expansion project in McKinney, Texas.
• The Hub will be owned and operated by the Hub Partners, LLC, including several of the resident restaurants which provides autonomy to direct the atmosphere and ensure a family friendly environment.
• The Hub team looks for input from the McKinney community to create a “Hub Experience” unique to the city and its residents.
• Timeframe established would anticipate completion of construction in the fourth quarter of 2022.
FINANCIAL SUMMARY:
• Total cost for the development of The Hub is estimated to be $14,519,232.
• The project grant application submitted to MCDC, and approved by the MCDC board, provides $2,600,000 for expenses eligible for consideration under Chapters 501-505 of the Texas Local Government Code.
• This Ordinance amends the Fiscal Year 2020-2021 Annual Budget to utilize MCDC fund balance to provide funding for The Hub project at Custer and Highway 380 in the amount of $2,600,000.
BOARD OR COMMISSION RECOMMENDATION:
• MCDC requests City Council approval on the budget amendment.
