Title
Consider/Discuss/Act on an Amendment to the Chapter 380 Economic Development Agreement between the City of McKinney and McKinney Seven Stacy
Summary
MEETING DATE: August 19, 2014
DEPARTMENT: City Manager
CONTACT: Barry Shelton, Interim Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION: Approval of the agreement.
ITEM SUMMARY:
· The City entered into a Chapter 380 Economic Development Agreement with McKinney Seven Stacy, L.P. on August 27, 2013 providing roadway impact fee credit based on the construction of public infrastructure.
· The property owner has requested to amend the agreement to allow for the grant of roadway impact fee credit periodically during the construction of the public infrastructure rather than at final completion.
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:
· No additional funds or impact fee credits are proposed by this amendment.
BOARD OR COMMISSION RECOMMENDATION:
· N/A