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
