Title
Discuss the Investigation/Feasibility/Development Plan Establishment for the Proposed Collide Village (Innovation Village) a +/- 9.2 acre Tract of Land with Respect to a Potential Development Agreement
Summary
MEETING DATE: August 4, 2014
DEPARTMENT: Development Services and MEDC
CONTACT: Barry Shelton, AICP, Interim Deputy City Manager
Rick Leisner, AICP, Assistant Director of Development Services
John Valencia, Director of Business Retention and Emerging Technology, McKinney Economic Development Corporation
RECOMMENDED CITY COUNCIL ACTION:
* No action required.
ITEM SUMMARY:
* Jason Adams, CEO of Curious Complex, and anchor tenant of the existing Collide Center business incubator, has completed an exclusive 120-day period, which his team investigated the feasibility of, and related development activity for, the development potential of the +/- 9.2 acre tract of land located on the southwest corner of State Highway 5 and Davis Street.
* Mr. Adams has worked with City staff to develop a Preliminary Master Plan (attached) for the +/- 9.2 acre property in which the Collide Center would become a center piece and catalyst for the development program which includes new residential, commercial (in single use and/or mixed-use urban buildings) and open space/park land uses planned in a compact and pedestrian-walkable design.
* Mr. Adams provided the City of McKinney a letter defining his intention and agreement to negotiate exclusively with the City for this 120-day period, or until such time negotiations are terminated.
* The area in consideration includes only what has been considered the "primary site" for downtown redevelopment of City-owned property which is +/- 9.2 acres.
* Mr. Adams also used the 120-day timeframe to search for investment and real estate development partners for this downtown redevelopment opportunity.
* In relationship to Mr. Adams and team's development proposal the City has contract...
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