Title
Consider/Discuss/Act on a Project Grant Application Submitted by City of McKinney, Engineering Department (#22-03) in the Amount of Four Hundred Thousand and NO/100 ($400,000.00) for the Expansion of Eldorado Parkway from a Four-Lane Divided Roadway to a Six-Lane Divided Roadway in Accordance with the City of McKinney Master Thoroughfare Plan to Support the Anticipated Traffic Which Will Be Generated by the H-E-B Development. Amount Requested Represents 36% of Total Project Cost.
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A): Establish regional and infrastructure incentives to increase economic growth
(1D): Leverage the existing partnerships with MEDC and MCDC
MEETING DATE: March 3, 2022
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• The McKinney Community Development Corporation will conduct a public hearing on the project grant application submitted by The City of McKinney, Engineering Department in the amount of $400,000 for the Expansion of Eldorado Parkway from a Four-Lane Divided Roadway to a Six-Lane Divided Roadway in Accordance with the City of McKinney Master Thoroughfare Plan to Support the Anticipated Traffic Which Will Be Generated by the H-E-B Development.
• This expansion is consistent with the City of McKinney Master Thoroughfare Plan.
• Expansion will be funded through a combination of roadway impact fees, funds from CIP Project ST1838 ($700,000), and MCDC ($400,000) ST1838.
• Design for this project is underway and expected completion of construction is Spring 2023.
• Job creation for the development is estimated at 250-350.
BACKGROUND INFORMATION:
• The City of McKinney’s Engineering Department is responsible for the review and approval of all new public improvement construction and reconstruction projects with the City limits and the ETJ.
• This project expansion is consistent with the City of McKinney Master Thoroughfare Plan.
• Infrastructure assistance to retail or commercial projects is an eligible Type B project.
FINANCIAL SUMMARY:
• Funds allocated for FY22 for discretionary Project Grants is $1,749,025, with an additional $6,000,000 for economic development projects.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation