Agenda Information Sheet
DEPARTMENT: Development Services/Economic Development
CM/ ACM: Jon Fortune
Date: September 21, 2016
SUBJECT
Title
Receive a report, hold a discussion and make a recommendation to City Council regarding a Downtown Reinvestment Grant for 104 W. McKinney (Hop and Sting Brewery).
Body
BACKGROUND
Hop and Sting Brewery submitted a Downtown Reinvestment Grant on September 10, 2015. City Council has since put the grant program on hold for review, but gave permission for this grant to move forward under the fiscal year 2014-2015 funding.
The building is located at E. McKinney and Locust Streets. The project will transform an underutilized 1920's building, which currently stores towed vehicles, into a state-of-the-art brew-pub that generates sales tax revenues and attracts visitors to the downtown.
This brewery will be an addition to our new "brewery district" that is developing in downtown with Armadillo Ale, Barley and Board (a small brewing operation), and the Denton County Brewing Company to the east at 200 E. McKinney Street.
The upgrades and renovation of the building will add modern accents to a building that adjoins the architecturally-significant Gulf Station building. The Hop and Sting Brewing Company plans on initially hiring 4 full-time employees and projects $500,000 gross sales the first year. Sales are projected to increase to $1.25 million by the third year.
The interior will be an inviting atmosphere for people to observe the brewing process and drink craft beer on-site. A limited number of bottled beers will be sold in special runs each year.
The brewery will require significant investment to renovate the building and purchase the necessary equipment to operate the brewery. The renovation and construction process will bring the building up to current City codes.
ESTIMATED SCHEDULE OF PROJECT
Work will begin soon and should be completed by summer 2017.
PRIOR ACTION/REVIEW (Council, Boards, Commissions)
The...
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