Title
Conduct a Public Hearing and Consider/Discuss/Act on an Amendment to a Lease Agreement Executed Between McKinney Community Development Corporation (Landlord) and TUPPS Brewery, LLC (Tenant) for Project #20-09, to Increase Funding From MCDC to the Amount of Thirteen Million Three-Hundred Thirty-Three Thousand Two Hundred Sixty-Two and No/100 Dollars ($13,333,262.00) and to Further Include Additional Lease Provisions for Required Direct Tenant Funding, including Funding Originating from the City of McKinney, Texas, to Establish Sufficient Funds to Meet All Eligible Project Costs Contained in the Approved Budget for 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, Require Approval of Guaranteed Maximum Price for the Project by December 31, 2021, and a Project Completion Date of December 31, 2022.
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
Direction for Strategic and Economic Growth
MEETING DATE: December 7, 2021
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* The purpose of the public hearing is to review and vote on a request to provide additional funding for investment in the rehabilitation and revitalization of the property located at the southeast corner of Greenville and Dungan Streets to create a world-class cultural and entertainment destination to serve as a catalyst for economic development east of Highway 5 in McKinney, Texas, and amend the lease executed between McKinney Community Development Corporation and TUPPS, LLC in September, 2020.
* The proposed project includes the following components:
o Rehabilitation of the building located at 402 E. Louisiana into a new and larger taproom and restaurant
o Construction of a new building to house the production facility as well a...
Click here for full text