Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement with Coit/Plano Parkway, LTD. for the street/sidewalk improvement project at 101 West Louisiana Street
Summary
MEETING DATE: February 2, 2016
DEPARTMENT: Development Services-Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Brian Lockley, AICP, Director of Planning
Michael Quint, Executive Director
RECOMMENDED ACTION:
• Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
• The proposed agreement with Coit/Plano Parkway, LTD. and the City of McKinney is intended for the primary purpose of assisting with street/sidewalk improvement costs.
• The redevelopment project, located at 101 W. Louisiana Street, is a TIRZ-eligible project in the approved Project Plan of TIRZ No. 1. The project falls under the category of Vacant/Underutilized Sites/Buildings as defined in the TIRZ Project Plan.
• Under the policy governing allocation and/or awarding of TIRZ No. 1 funds for Vacant/Underutilized Site/Buildings as defined by the approved Project Plan, reimbursement and or grant requests are limited to a maximum of $25,000 per qualifying project, with a maximum of $100,000 awarded for qualifying vacant/underutilized site/buildings during each fiscal year.
• The applicant is requesting an economic development grant from Reinvestment Zone Number One to assist with the expense associated with making the following improvements along the building located at 101 W. Louisiana Street:
o Construction of an elevated sidewalk along the east elevation at 101 W. Louisiana to enable additional storefronts to be created along Kentucky Street.
• The applicant has submitted an additional request from the Reinvestment Zone Number One board to assist with the expense of façade improvement costs.
• The applicant will be required to submit engineering plans to the City for review and permitting prior to commencing work.
• The applicant shall submit a grant submittal package to staff including all cost and payment documentation. Staff shall verify that the expenditures were made in such amounts prior to any Grant disbursement.
BACKGROUND:
• TIRZ has the authority under Section 311 and Chapter 380 of the Texas Local Government Code to make loans or grants of TIRZ funds for the purposes of promoting local economic development and stimulating businesses and commercial activity within the TIRZ.
• This project has been established as an eligible project in the TIRZ Project Plan under the category of Vacant/Underutilized Sites/Buildings, which is defined as “Relatively smaller projects (under $5.0 million) for the incremental redevelopment of vacant/underutilized Town Center sites or buildings.” Such sites are limited to the area shown as Vacant/Underutilized Building Improvement Area shown on Figure 3 of the TIRZ Project Plan.
• For qualifying Vacant/Underutilized Site/Buildings, reimbursement or grant requests are limited to a maximum of $25,000 per project, with an overall maximum of $100,000 being awarded each fiscal year for Vacant/Underutilized Site/Buildings project types. Reimbursement and/or grant requests are funded on a first-come, first-serve basis until the maximum fiscal year allotment has been reached. To date for FY2015-2016, there have been no reimbursement or grant requests for Vacant/Underutilized Site/Buildings.
• Projects that have received funding from TIRZ No.1 are listed below:
Vacant/Underutilized Sites/Buildings
§ 214 E. Louisiana (Hope Hardware) - $25,000 (2015)
§ Cotton Mill - $500,000 (2014)
FINANCIAL IMPACT:
• The FY2015-2016 annual budget for TIRZ No. 1. Includes funding for Vacant/Underutilized Sites/Building incentives up to $100,000 per fiscal year, with a $25,000 maximum per project.