Title
Consider/Discuss/Act on an Amendment to the Chapter 380 Economic Development Agreement between the City of McKinney and VCIM Partners, L.P. for the McKinney Corporate Center at Craig Ranch Infrastructure
Summary
MEETING DATE: August 19, 2014
DEPARTMENT: City Manager
CONTACT: Barry Shelton, Interim Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION: Approval of the agreement.
ITEM SUMMARY:
· The City entered into a Chapter 380 Economic Development Agreement with VCIM Partners, L.P. on November 26, 2012 providing conditional economic development grants based on the construction of public infrastructure within the McKinney Corporate Center at Craig Ranch.
· The previously approved agreement identified the primary infrastructure improvements that were eligible for reimbursement.
· The property owner proposes to amend the agreement to include a right turn lane along the Highway 121 frontage road as reimbursable primary infrastructure.
· The inclusion of the additional turn lane will not increase the total reimbursement amount from the original agreement.
· The property owner also wishes to amend the agreement to extend the completion date for the primary infrastructure from October 1, 2014 to January 31, 2015 in order to complete the additional infrastructure.
BACKGROUND INFORMATION:
· The City has the authority under Chapter 380 of the Texas Local Government Code to make loans or grants of public funds for the purposes of promoting state or local economic development by stimulating business and commercial activity.
FINANCIAL SUMMARY:
· No additional funds are proposed by this amendment.
BOARD OR COMMISSION RECOMMENDATION:
· N/A