Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Negotiate an Agreement with Columbus Realty Partners, LTD. for the Redevelopment of Approximately 9 Acres of City-Owned Property in the Downtown Area
Summary
COUNCIL GOAL: Enhance the Quality of Life in Downtown McKinney
Direction for Strategic Growth
MEETING DATE: June 16, 2015
DEPARTMENT: Planning
CONTACT: Michael Quint, Director of Planning
Matt Robinson, AICP, Planning Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approve the Resolution.
ITEM SUMMARY:
* After evaluating the Request for Qualifications (RFQ #15-024) submittals and subsequent interviews and presentations to City Council, Staff recommends moving forward with an exclusive 120-day negotiation period with Columbus Realty Partners, LTD. for the redevelopment of the City-owned 9 acre property located at the Southwest Corner of Davis St. and McDonald St. (State Highway 5).
* As part of the exclusive negotiation period, Columbus Realty Partners, LTD. will use the 120-days to develop a land plan, conceptual architectural renderings and deal structure outlining the development points along with specific City participation elements. By the end of this 120-day time period, Columbus Realty Partners, LTD. will present their development proposal and plan to the City Council for consideration.
* Parameters for the development proposal and plan are as outlined in the City issued RFQ:
Minimum Development Expectations:
* 50,000 square feet of Office Uses;
* 20,000 square feet of Retail, Restaurant, or similar uses;
* 300 Residential dwelling units;
* First phase of the development providing a mixture of land uses; and
* Any structured parking facility(s) constructed on the site would accommodate some reasonable amount of public parking space allocation.
Role of City
* Primary incentives to come in the form of:
o Discounted or no-cost land conveyance;
o Off-site infrastructure im...
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