Title
Conduct a Public Hearing to Consider/Discuss/Act on Application #11-08 for Construction of Parking Lot Improvements and Related Expenses on a Tract of Land Adjacent to the Flour Mill, between Virginia and Louisiana Street Approximately 500 feet east of S.H. 5, in an Amount not to Exceed $225,000
Summary
MEETING DATE: July 19, 2011
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, Executive Director
RECOMMENDED CITY COUNCIL ACTION:
• The board of directors of the McKinney Community Development Corporation recommends approval of this grant
ITEM SUMMARY:
• The parking lot area is adjacent to the Flour Mill east of S.H. 5. The MCDC board approved grant of $97,500 in April, 2011 for the acquisition of land for the parking lot. Approval of this request will provide funds for lot construction and improvements, survey and other related costs. Expenditure of funds is contingent upon completion of the closing on the MCDC tract purchase.
BACKGROUND INFORMATION:
• MCDC attorney has confirmed eligibility for 4B funding
FINANCIAL SUMMARY:
• The expense would be funded from the economic development allocation within the MCDC FY 2011 budget
BOARD OR COMMISSION RECOMMENDATION:
• The MCDC board of directors recommends approval of this request and funding not to exceed $225,000.