Title
Consider/Discuss/Act on an Ordinance Amending the McKinney Community Development Corporation Fiscal Year 2021-2022 Annual Budget to Provide Two Million and No/100 Dollars ($2,000,000.00) in Additional Funds for Eligible Project Costs Related to the Rehabilitation and Revitalization of the Property Located at 402 E. Louisiana Street, McKinney, Texas, to Create a World-Class Cultural and Entertainment Destination to Serve as a Catalyst for Economic Development in McKinney, Texas.
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: January 18, 2022
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, MCDC President
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Ordinance.
ITEM SUMMARY:
• This Ordinance will amend the Fiscal Year 2021-2022 Annual Budget of the McKinney Community Development Corporation to provide additional funds for the rehabilitation and revitalization of the property located at 402 E. Louisiana Street - the TUPPS Brewery expansion project and campus.
BACKGROUND INFORMATION:
• The land described above will be the site for MCDC Project #20-09, the TUPPS Brewery Expansion Project, approved by McKinney Community Development Corporation on June 25, 2020 and by McKinney City Council on July 7, 2020.
• Additional funding, from MCDC, in the amount of $2,000,000 was approved following a public hearing conducted during a joint meeting with McKinney City Council on December 7, 2021.
FINANCIAL SUMMARY:
• Additional funding for the TUPPS Brewery expansion project and campus will be appropriated from MCDC fund balance in the amount of $2,000,000.
• The original investment approved by MCDC was in the amount of $11,333,262.
• Additional investment by MCDC was made for the acquisition of a 4.3-acre tract of land for the project in the amount of $2,648.493.
• Total MCDC investment in the project is $15,981,755.
BOARD OR COMMISSION RECOMMENDATION:
• McKinney Community Development Corporation Board of Directors recommends approval of the Ordinance.