Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2019-2020 Annual Budget and Amending the 2020-2024 Capital Improvements Program to Provide Funds for the McKinney StarCenter Expansion Project (FC1709)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5A: Create Affordable Recreational and Cultural Arts Activities for
All Ages Throughout the City)
MEETING DATE: March 3, 2020
DEPARTMENT: City Manager’s Office
Public Works Department, Facilities Construction Division
CONTACT: Barry Shelton, Assistant City Manager
Patricia L. Jackson, PE, Facilities Construction Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Ordinance.
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2019-2020 Annual Budget and the 2020-2024 Capital Improvement Program to provide funding for the design and construction of the McKinney StarCenter Expansion Project FC1709 for a total of $14,000,000.
BACKGROUND INFORMATION:
• On December 3, 2019, the City Council approved a resolution authorizing the City Manager to execute an agreement with Stellar Industrial Solutions for design/build services for the McKinney StarCenter Expansion Project.
o The resolution for this agreement also authorized the City Manager to execute an escrow agreement with the Dallas Stars for partial project funding of $2,000,000.
• On November 21, 2019, the McKinney Community Development Corporation (MCDC) approved a grant of $4,500,000 towards the construction.
• The remainder of funding for the project is $7,500,000 of previously issued CO bonds.
• The following companion agenda items are also included on this council agenda:
o A revised lease agreement with DSE Hockey Centers, L.P.
o A corporate guaranty agreement whereby DSE Hockey Centers, L.P. guarantees and assumes responsibility for Stellar’s complete performance of the project.
FINANCIAL SUMMARY:
• This Ordinance amends the Fiscal Year 2019-2020 Annual Budget and the 2020-2024 Capital Improvement Program to provide funding for the design and construction of the McKinney StarCenter Expansion Project FC1709 for a total of $14,000,000.
• Funding for the project is $7.5 million of previously issued CO bonds, $4.5 million of MCDC funds, and a $2 million upfront contribution from the Dallas Stars