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: March 17, 2015
DEPARTMENT: Development Services-Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Michael Quint, Director of Planning
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 repair and restoration of a historic building fa?ade.
* The redevelopment project, located 214 E. Louisiana Street (The Pantry Restaurant), 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 Fa?ade improvements consisting of foundation repair to the northeast corner of the building, repair of the roof and parapet owing to the foundation issues, and repair and restoration of the brick fa?ade of the structure.
* 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 payment documentation. Staff ...
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