Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement with Hope Hardware Building LP for the project at 214 E. Louisiana Street
Summary
MEETING DATE: February 2, 2016
DEPARTMENT: Development Services-Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Brian Lockley, AICP, Director of Planning
Michael Quint, Executive Director
RECOMMENDED ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* The proposed agreement with Hope Hardware Building LP and the City of McKinney is intended for the primary purpose of assisting with fire safety improvements and fa?ade improvement costs.
* The redevelopment project, located at 214 E. Louisiana Street, is a TIRZ-eligible project in the approved Project Plan of TIRZ No. 1. The project falls under the category of Vacant/Underutilized Sites/Buildings as defined in the TIRZ Project Plan.
* Under the policy governing allocation and/or awarding of TIRZ No. 1 funds for Vacant/Underutilized Site/Buildings as defined by the approved Project Plan, reimbursement and or grant requests are limited to a maximum of $25,000 per qualifying project, with a maximum of $100,000 awarded for qualifying vacant/underutilized site/buildings during each fiscal year.
* The applicant is requesting an economic development grant from Reinvestment Zone Number One to assist with the expense associated with making the following improvements to the existing building:
o Fire safety improvements consisting of the addition of a fire escape; and
o Fa?ade improvements that include the rebuilding of 19 wood windows that will maintain the historic nature of the building.
* The applicant will be required to submit a Certificate of Appropriateness to the Historic Preservation Officer for the proposed fa?ade improvements prior to commencing work.
* The applicant shall submit a grant submittal package to staff including all cost and...
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