Title
Consider/Discuss/Act on a Resolution Approving an Amended and Restated Chapter 380 Economic Development Agreement By and Between the City of McKinney, Texas and McKinney HUB 121, LLC.
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(2B 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)
MEETING DATE: April 2, 2019
DEPARTMENT: City Manager’s Office
CONTACT: Barry Shelton, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution
ITEM SUMMARY:
• This amendment authorizes the following revisions to the existing agreement between the City and McKinney HUB 121, LLC:
• The required completion date is being moved from January 15, 2020 to April 15, 2020.
• The proposed layout of the complex is being amended to allow for the addition of office space. The required retail/restaurant space remains the same.
• Additional design standards have been added to promote an active pedestrian space in and around the music pavilion.
BACKGROUND INFORMATION:
• The City of McKinney previously entered into a Chapter 380 Economic Development Agreement with McKinney HUB 121, LLC for the primary purpose of constructing and operating a restaurant/entertainment complex at the northwest corner of the Sam Rayburn Tollway (SH 121) and Alma Road.
• The complex includes five retail/restaurant buildings totaling approximately 58,700 square feet and a music pavilion area that includes a sound stage and concert lawn.
• The previously approved agreement provides a grant of $300,000 to the project upon completion of the five retail/restaurant buildings and the music pavilion as well as the opening of a minimum of three fine dining, casual dining and/or fast casual dining restaurants within the project.
FINANCIAL SUMMARY:
• The City’s grant to the project remains unchanged from the previously approved agreement.
BOARD OR COMMISSION RECOMMENDATION:
• N/A