Title
Consider/Discuss/Act on a Project Grant Application Submitted by Essentialz dba Elemental Essentialz (#18-07) in the Amount of $40,000.00 for Water, Electric and Gas Utility Improvements for a Retail Market to be Located at 110 N. Tennessee Street, McKinney, Texas; Total Estimated Cost for Water, Electric and Gas Utility Improvements along with Equipment and Decorative Costs is $80,000.00; Amount Requested Represents 50% of the Total Project Cost
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
MEETING DATE: April 26, 2018
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* The required public hearing for this project was held on April 26, 2018.
* Elemental Essentialz is requesting a grant in the amount of $40,000.00 for water, electric and gas utility improvements for a retail market to be located at 110 N. Tennessee Street, McKinney, Texas.
* If successfully addressed, the utility improvements will help ensure the building is accessible and available for repurpose into a local market and caf? in Historic Downtown McKinney.
BACKGROUND INFORMATION:
* Essentialz is a small, local, female-owned business dedicated to reducing waste and sharing the skills necessary to grow, purchase and prepare healthy, local food.
* Plans for the Project include partnering with local farmers, ranchers, artisans and nonprofits to ensure no edible food is thrown away.
* Essentialz is working to restore an historic building in downtown McKinney to house the market.
FINANCIAL SUMMARY:
* Essentialz is a privately held business.
* Audited financials are not available. Essentialz is a new storefront for Elemental Essentialz, LLC.
* Financial information provided included a proposed budget for utility improvements and a projected P&L for the first two years of operation.
* MCDC's allocation for Project Grants for FY 18 is $1,259,745
* Elemental Essentialz, LLC is a first-time applicant for MCDC Project ...
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