Title
Consider/Discuss the Historic Flour Mill Redevelopment Project Chapter 380 Economic Development Agreement
Summary
MEETING DATE: May 17, 2016
DEPARTMENT: Planning
CONTACT: Samantha Pickett, Planning Manager
Brian Lockley, AICP, Director of Planning
Michael Quint, Executive Director
RECOMMENDED ACTION:
* Consider and discuss whether or not the Board should enter into a new Chapter 380 Development Agreement for the Historic Flour Mill Redevelopment Project.
ITEM SUMMARY:
* Staff is seeking direction from the TIRZ #1 Board regarding entering into a new Chapter 380 Development Agreement for the Historic Flour Mill Redevelopment Project. The Chapter 380 Development Agreement that was previously approved by the board on April 19, 2011 lapsed in December of 2013.
* Subsequent to the execution of the Chapter 380 Agreement, the City entered into a grant funding agreement for $1,760,000 by and between the City of McKinney, The North Central Texas Council of Governments (NCTCOG), and the State of Texas for the construction of related public infrastructure in support of the Historic Flour Mill Redevelopment Project as designated by the Sustainable Development Infrastructure Grant Program of the NCTCOG.
* The Historic Flour Mill Redevelopment Project has not completed all phases/requirements that were outlined in the Chapter 380 Development Agreement. In addition, the requirements to satisfy the NCTCOG Sustainable Development Grant have not been completed, which had a deadline of December 31, 2015.
* On February 2, 2016, the TIRZ Board inquired if NCTCOG would be willing to extend the Sustainable Development Grant. After some discussion, NCTCOG agreed they would be willing to extend the grant provided they are given an updated schedule of improvements.
* The agreement with Bradley S. Kidwell Family LP and the City of McKinney was intended for the primary purpose of constructing, renovating and operating a mixed use his...
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