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Consider/Discuss/Act Upon Approval of An Asset Purchase Agreement Among McKinney Airport Properties, Inc; McKinney Aviation I, LTD; Tres Airport Partners, LP; Collin County Regional Investments, LP; and the City of McKinney, Texas, and Adoption of a Resolution Authorizing the City Manager to Execute the Asset Purchase Agreement
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MEETING DATE: September 3, 2013
DEPARTMENT: City Manager
CONTACT: Jason Gray
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution and Purchase Agreement
ITEM SUMMARY:
- On August 20, 2013, the City Council authorized the City Manager to present an offer to the various entities which own and control the real property and business assets currently located at the Collin County Regional Airport.
- That offer has been made and the seller has indicated a willingness to accept the offer.
- The agreement, if approved, would allow the City to formally put the assets under contract and to begin the purchase process, targeting a November 1, 2013 closing date.
- A full presentation on the transaction will be provided at this meeting.
BACKGROUND INFORMATION: N/A
FINANCIAL SUMMARY:
- Acquisition will be funded through a combination of debt issuance and cash available through the Airport Construction Fund.
BOARD OR COMMISSION RECOMMENDATION: N/A