title
Consider/Discuss/Act on Making a Recommendation to City Council to Enter Into a Co-Developer Agreement with Sphinx Development Corporation for Sphinx at Throckmorton Villas
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: September 22, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Housing and Community Development Manager
ITEM SUMMARY:
• This item went before City Council work session on September 18, 2017.
• Sphinx Development has requested that the MHFC act as a co-developer on the Villas at Throckmorton mixed use development
• The MHFC will purchase the land and lease it back to the Partnership and will receive a negotiated percentage of the developer fee and cash flow over the life of the project
BACKGROUND INFORMATION: N/A
FINANCIAL SUMMARY: See attached Financial Summary