Title
Conduct a Public Hearing and Consider/Discuss/Act on a Retail Development Infrastructure Grant Application Submitted by Hope Hardware Building, LLC (RI 24-09) in an Amount up to Fifty Thousand and NO/100 Dollars ($50,000.00) for the Installation of a Grease Trap including Necessary Plumbing and Site Work at the Hope Hardware Building Located at 214 E. Louisiana Street, McKinney, Texas.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: August 22, 2024
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a retail development infrastructure grant application submitted by Hope Hardware Building, LLC, for $50,000 to install a grease trap at the Hope Hardware Building in Downtown McKinney.
• Elements of the project include plumbing and concrete slab prep work.
• This project will help prepare the space for its new tenant, Rye Group Restaurants, and will help satisfy minimum code requirements.
BACKGROUND INFORMATION:
• Property owners operated The Pantry at this location from 2001 to 2023.
• Rye was a successful restaurant in Downtown McKinney that experienced a fire and ceased operations. This new location will provide an opportunity to re-open and expand their business.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,000 for FY24.
• Maximum for any single award is $50,000.
• Hope Hardware Building, LLC, was granted $50,000 for a fire suppression system in Cycle 1 of this year.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation