Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement with VPKK, LLC, for the Fa?ade Improvement Project at 100 E. Louisiana Street (Spoons)
Summary
MEETING DATE: July 18, 2017
DEPARTMENT: 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 VPKK, LLC, and the City of McKinney is intended for the primary purpose of assisting with fa?ade improvement costs.
* The redevelopment project, located at 100 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 Sites/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 sites/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 restoration and refurbishment of existing wooden windows, replacement of vinyl windows and sashes with wooden windows, and replacement of upstairs awnings to maintain the historic nature of the building.
* The applicant has received approval of a Certificate of Appropriateness from the Historic Preservation Officer for the proposed fa?ade improvements.
* The applicant shall submit a grant submittal package to staff including all cost and payment documentation. Staff shall verify that the expenditures were made in...
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