Title
Consider/Discuss/Act on an Ordinance Amending the 2020-2021 Annual Budget to transfer funds in the amount of $11,333,262 from Fund 060 - McKinney Community Development Corporation ("MCDC") Fund to Fund 060-9999-456-9101 for McKinney Community Development Corporation Project 4B20-09 for the Expansion and Relocation of TUPPS Brewery into an MCDC-owned Facility situated on the former site of McKinney Grain located at 402 E. Louisiana Street in McKinney, TX
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: November 3, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, MCDC President
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Ordinance
ITEM SUMMARY:
This Ordinance amends the 2020-2021 Annual Budget to allocate funds from MCDC fund balance to fund approved project 4B20-09 for the expansion and relocation of TUPPS Brewery into an MCDC-owned facility situated on the former site of McKinney Grain located at 402 E. Louisiana Street in McKinney, TX.
BACKGROUND INFORMATION:
* The McKinney Community Development conducted two public hearings on the application submitted by TUPPS Brewery for investment in the relocation and expansion of the brewery and the construction of an entertainment and retail venue located at 402 E. Louisiana Street, McKinney, Texas (May 28 and June 25, 2020).
* The project application was approved June 25, 2020 by the MCDC board (Agenda Item 20-0433) and on July 7, 2020 by McKinney City Council.
FINANCIAL SUMMARY:
* This Ordinance will amend the 2020-2021 Annual Budget to transfer funds from MCDC fund balance to fund McKinney Community Development Corporation Project 4B20-09 for the Expansion and Relocation of TUPPS Brewery into an MCDC-owned Facility situated on the former site of McKinney Grain located at 402 E. Louisiana Street in McKinney, TX.
BOARD OR COMMISSION RECOMMENDATION:
* McKinney Community Development Corporation Board of Directors requ...
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