File #: 23-0200    Name: Budget Amendment
Type: Agenda Item Status: Agenda Ready
In control: McKinney Community Development Corporation
On agenda: 3/23/2023 Final action: 3/23/2023
Title: Consider/Discuss/Act on Amending the McKinney Community Development Corporation Fiscal Year 2022-2023 Annual Budget to Allocate One Hundred Fifty-Thousand and No/100 Dollars ($150,000.00) in Additional Funds Received from TUPPS LLC to be used 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.

Title

Consider/Discuss/Act on Amending the McKinney Community Development Corporation Fiscal Year 2022-2023 Annual Budget to Allocate One Hundred Fifty-Thousand and No/100 Dollars ($150,000.00) in Additional Funds Received from TUPPS LLC to be used 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:                     March 23, 2023

 

DEPARTMENT:                      McKinney Community Development Corporation

 

CONTACT:                       Cindy Schneible, MCDC President

 

RECOMMENDED CITY COUNCIL ACTION:                     

 

                     Approval of the Budget Amendment.

 

ITEM SUMMARY:

 

                     This Budget Amendment will amend the Fiscal Year 2022-2023 Annual Budget of the McKinney Community Development Corporation to provide additional funds, received from TUPPS LLC, for the rehabilitation and revitalization of the property located at 402 E. Louisiana Street - the TUPPS Brewery expansion project and campus.

 

 

BACKGROUND INFORMATION: 

 

                     Additional costs associated with the construction of the TUPPS project resulted in the necessity for TUPPS to add additional dollars to the project in the amount of $150,000.

 

FINANCIAL SUMMARY: 

 

                     Total MCDC investment in the TUPPS project is as follows:

o                     $11,333,262 original funding

o                     $2,000,000 supplemental funds

o                     $750,000 supplemental loan funds

o                     $2,648,493 cost of land

                     Total City of McKinney investment is as follows:

o                     $2,500,000 supplemental funds

                     Total TUPPS investment is as follows:

o                     $1,000,000 supplemental funds

o                     $250,000 supplemental funds

o                     $150,000 supplemental funds