Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Haddington Fund, LLC for the Flour Mill Roof Replacement Project (Critical Maintenance Project) Located at 415 East Louisiana Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: August 27, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Jennifer Arnold, AICP, Director of Planning
Cameron Christie, Planner I
RECOMMENDED BOARD ACTION:
* Staff recommends denial of the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement because the request exceeds the funding limits and parameters established in the TIRZ No. 1 Administration Policy.
ITEM SUMMARY:
* The applicant requests an economic development grant from Reinvestment Zone Number One in support of a rehabilitation project at 415 East Louisiana Street (Flour Mill). The request is to assist specifically with the following TIRZ 1 eligible expenses under the Vacant/Underutilized Sites/Buildings project category of the Project Plan:
* Critical Maintenance
o Roof replacement
* As proposed, the applicant is requesting $175,739 in TIRZ funding to offset the full cost of the roof replacement project.
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for critical maintenance expenses shall be limited to the lesser of the grant/reimbursement of $50,000 per qualifying project and should be considered on a 50/50 match basis.
* The TIRZ Administration Policy allows the Board to determine if a meritorious exception to the established funding limits should be considered for worthy projects. Per the policy, meritorious exceptions for grants or reimbursements shall be limited to a m...
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