Consider and take action on Resolution No. 17-31, approving an agreement with Fetching Labs Brewery for 911 9th Street.

The Mayor and city staff have been working with a brewery currently located just outside of Alvin, Texas: Fetching Labs.  It has been in operation for about two years in a metal building on the owners property where they live.  Fetching Lab has been interested in the property owned by TNMP in the past and utilized as their shop building behind their old billing office at 901 9th Street N.  The property has been divided and the new address for the two-story shop building is 911 9th St. N.  The agreement is attached for details, but in summary, the TCEDC will provide funding to improve its building to Fetching Lab's specifications at 62.5% of the cost of renovations and capped at $250,000.  The TCEDC will pay for minor immediate needs such as roof repair, asphalting a portion of the parking lot, power washing, assistance with a painted sign, etc.  Fetching Lab will pay $5,000/month for rent, but have the option to purchase at the end of year five for the agreed upon price of $600,000 ($1,000/month of the rent will go toward the purchase price if Fetching Lab takes the option.  The rent will be renegotiated not to exceed a 5% increase if Fetching Lab decides to continue leasing).  Fetching Lab is waiting approval of a loan for their portion of the improvements.