Title
Consider/Discuss/Act on Authorizing the City Manager to Execute an Agreement Transferring Obligation to Construct Certain Street Parking Spaces Between Developers and Amendment to a Master Development Agreement by and between the City of McKinney, Texas, Columbus Realty Partners, Ltd., and Playful Building One, LLC
Summary
COUNCIL GOAL: Direction for Strategic Growth
MEETING DATE: December 19, 2017
DEPARTMENT: City Manager
City Attorney
CONTACT: Paul G. Grimes, City Manager
Barry Shelton, Assistant City Manager
Mark S. Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Authorization to the City Manager.
ITEM SUMMARY:
* Downtown McKinney PT MFA, L.P. ("Downtown McKinney") and Playful Building One, LLC ("Playful") desire to enter into an Agreement that will transfer the obligation to construct 22 public street parking spaces along the eastern side of Chestnut Street and 8 public parking spaces along the southern side of Davis Street, which are the responsibility of Downtown McKinney, as the "Developer Sponsor SPE" of Columbus Realty Partners, Ltd., ("Columbus") under the Master Development Agreement with the City of McKinney, from Downtown McKinney to Playful to reduce the potential duplication of the cost of the construction of those 30 street parking spaces. Downtown McKinney is also paying Playful the amount of Eighty Thousand Dollars ($80,000) as consideration of Playful's assumption of the obligation to construct such street parking spaces.
* The Agreement also amends the Master Development Agreement by and between the City of McKinney, Texas, Columbus Realty Partners, Ltd., and Playful Building One, LLC by reducing the number of street parking spaces required with the "Residential/Retail Development Improvements," defined below, from 119 street parking spaces to 89 street parking spaces and transfers the obligation to construct the remaining 30 street parking spaces under the Master Development Agreement to the "Off...
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