Title
Consider/Discuss/Act on the Team McKinney Gateway Memorandum of Understanding
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: April 18, 2017
DEPARTMENT: McKinney Economic Development Corporation
CONTACT: Darrell W. Auterson, President-CEO
RECOMMENDED MEDC BOARD ACTION:
* Approval of the Memorandum
ITEM SUMMARY:
* This item authorizes the President - CEO of the McKinney Economic Development Corporation (MEDC) to execute a Memorandum of Understanding (MOU) with an entity to be jointly formed ("Devco"; provided, however, prior to the formation of Devco, "Devco" shall mean KDC), by and among KDC Real Estate Development & Investments LLC ("KDC"), a Texas limited liability company; Columbus Realty Partners, Ltd., a Texas limited partnership; and M & R investors, LLC, a Texas Limited Liability Company, (d/b/a ATR Corinth) to facilitate development of the Gateway Project.
BACKGROUND INFORMATION:
* The MOU contains three phases: 1) Design Phase (binding); 2) Master Development Agreement and Initial Development Phase (non-binding); 3) Subsequent Development Phase (non-binding).
* The Design Phase outlines "Devco's" responsibility to develop alternative land use plans for the Gateway Project, including the configuration and use of constituent parcels of the Gateway Project and additional infrastructure installations needed or desired, together with a marketing program to present the Gateway Project to potential end users.
* The MEDC shall reimburse "Devco" for fifty percent (50%) of the cost of developing the alternative land use plans and marketing program up to a maximum expenditure by the MEDC in the amount of $100,000.00.
* During the Design Phase, the parties agree to initially prepare and begin negotiation of the terms of a Master Development Agreement governing the overall development of the Gateway Project.
FINANCIAL SUMMARY:
* Maximum financial impact to MEDC is $100,000.00 unless otherwise approved in wri...
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