Title
Consider/Discuss/Act Approving a Chapter 380 Economic Development Agreement between the City of McKinney and VCIM Partners, L.P. to Provide Incentives to the McKinney Corporate Center at Craig Ranch - Executive Session
Summary
MEETING DATE: November 26, 2012
DEPARTMENT: City Manager
CONTACT: Jason Gray
RECOMMENDED CITY COUNCIL ACTION:
· Adopt Resolution
ITEM SUMMARY:
· The City Council on October 16, 2012, authorized the City Manager to execute a letter-of-intent with VCIM Partners, L.P. to initiate a Chapter 380 Agreement to provide incentives to the McKinney Corporate Center at Craig Ranch
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:
· N/A
BOARD OR COMMISSION RECOMMENDATION:
· N/A