Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with CPJK Management, LLC for a Fa?ade Improvement Project at 207 East Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: August 27, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Cameron Christie, Planner I
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant requests a reimbursement grant from Reinvestment Zone Number One in support of a fa?ade improvement project at 207 E Virginia Street. The request is to assist specifically with the following TIRZ eligible expenses under the Vacant/Underutilized Site/Buildings project category of the project plan:
* Historic Fa?ade Restoration Improvements/Easements:
o Replacement of windows
* As proposed, the applicant is requesting $24,204.89 in TIRZ funding for the historic fa?ade improvement project.
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for historic fa?ade restoration improvements/easement expenses shall be limited to the lesser of the grant/reimbursement of $25,000 per qualifying project.
* Staff recommends approval of the request.
FINANCIAL IMPACT:
* The FY24 annual budget for TIRZ No. 1 allocates $100,000 in funding for environmental remediation and historic fa?ade restoration improvement projects per fiscal year, with a $25,000 maximum per project.
* The current available funds in this account for FY24 are $350,000.
BACKGROUND INFORMATION:
* Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas L...
Click here for full text