Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with CPJK Management, LLC for a Façade Improvement Project at 207 East Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney’s historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: August 27, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Cameron Christie, Planner I
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
• Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
• The applicant requests a reimbursement grant from Reinvestment Zone Number One in support of a façade improvement project at 207 E Virginia Street. The request is to assist specifically with the following TIRZ eligible expenses under the Vacant/Underutilized Site/Buildings project category of the project plan:
• Historic Façade Restoration Improvements/Easements:
o Replacement of windows
• As proposed, the applicant is requesting $24,204.89 in TIRZ funding for the historic façade improvement project.
• Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for historic façade restoration improvements/easement expenses shall be limited to the lesser of the grant/reimbursement of $25,000 per qualifying project.
• Staff recommends approval of the request.
FINANCIAL IMPACT:
• The FY24 annual budget for TIRZ No. 1 allocates $100,000 in funding for environmental remediation and historic façade restoration improvement projects per fiscal year, with a $25,000 maximum per project.
• The current available funds in this account for FY24 are $350,000.
BACKGROUND INFORMATION:
• Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas Local Government Code, the TIRZ Board has the authority to make loans or grants of TIRZ funds for the purpose of promoting local economic development and stimulating businesses and commercial activity within the reinvestment zone.
• The proposed project(s) is an eligible project in the TIRZ No. 1 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.” Specific activities eligible for TIRZ No. 1 funding under the Vacant/Underutilized Sites/Buildings project category include:
• Environmental Remediation and associated Interior/Exterior Demolition
• Historic Façade Restoration Improvements/Easements
• Acquisition and Restoration of Historic Sites (public projects)
• Street, Utility, and Streetscape Improvements
• Municipal Land Acquisition
• Critical Maintenance
• Fire Suppression