Title
Consider/Discuss/Act on an Ordinance Increasing the Fiscal Year 2023-2024 Annual Budget for the TUPPS Brewery Project (4B 2009) to Include Funding Deposited by TUPPS Brewery, LLC in the Amount of Two Hundred Fifty-Three Thousand Two Hundred Twenty-Eight and 72/100 Dollars ($253,228.72)
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: January 16, 2024
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, MCDC President
ITEM SUMMARY:
• This Ordinance will amend the Fiscal Year 2023-2024 Annual Budget of the McKinney Community Development Corporation to provide additional funds, provided by TUPPS Brewery, LLC, for the TUPPS Brewery Project (4B2009).
BACKGROUND INFORMATION:
• Construction commenced on the Tupps Brewery and Entertainment Venue in January 2022.
• The campus includes brewery, barrel aging room with stage, taproom and beer garden, Build-Your-Own-Business silos, outdoor entertainment space, games and other amenities.
• Construction is targeted for completion in January 2024.
FINANCIAL SUMMARY:
• Additional funding in the amount of $253,228 has been received from TUPPS and will be appropriated in the MCDC budget for the TUPPS Brewery expansion project.
• Of the additional funding, $131,598 was received in fiscal year 2023 and the remaining $121,630 was received in fiscal year 2024.
• This will have a net zero effect on the MCDC Fund balance.
BOARD OR COMMISSION RECOMMENDATION:
• Approval of the amendment to increase the total project budget to $18,236,490 to include the $253,228.72 received from TUPPS.