Title
Conduct a Public Hearing and Consider/Discuss/Act on Retail Development Infrastructure Grant Application (RI 21-04) Submitted by The Neathery Estate Bed and Breakfast in the Amount of Eighteen Thousand Eighty-Six and 50/100 Dollars ($18,086.50) for Infrastructure Work Needed to Improve Parking, Lighting, Walkways, Security and Signage including Fencing, Gates and Electrical at the Property Located at 215 North Waddill Street, McKinney.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
(1B): Continue to develop a retail development strategy for key areas of the community to further diversify revenue sources and expand entertainment, dining and shopping options and tourism.
5: Enhance Quality of Life in McKinney
(5D): Promote reinvestment activities in McKinney’s historic downtown that balance preservation of historic character and current market needs.
MEETING DATE: August 26, 2021
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a retail development infrastructure grant application submitted by The Neathery Estate at 215 North Waddill Street, McKinney.
• The improvements to the site include parking, lighting, walkways, security and signage. Scope of work includes fencing, gates and electrical.
BACKGROUND INFORMATION:
• The Neathery Estate is a bed and breakfast located in Historic Downtown McKinney.
• Built in 1915, the home is listed on the National Historic Register. The home was restored in 2018 and now supports tourism in Downtown McKinney.
• The infrastructure improvements are necessary to increase safety and security for guests and to improve the guest experience.
FINANCIAL SUMMARY:
• Funds allocated for FY21 Retail Development Infrastructure Grants is $120,000. Remaining budget balance is $70,000.
• This is a matching grant program, with maximum grant funding limited to $25,000 per grant.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
Application Packet