Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2017-2018 Annual Budget and the 2018 - 2022 Capital Improvement Program to Provide Funding for the Airport FBO Terminal and Hangar Project (AI1743)
Summary
COUNCIL GOAL: Maximize the Development Potential of the McKinney National Airport
MEETING DATE: December 5, 2017
DEPARTMENT: McKinney National Airport
CONTACT: Jose Madrigal, Deputy City Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the ordinance.
ITEM SUMMARY:
* This Ordinance amends the Fiscal Year 2017-2018 Annual Budget and the 2018 - 2022 Capital Improvement Program to provide funding for the Airport FBO Terminal and Hangar Project (AI1743).
* The budget will be amended as follows:
o $4,000,000 - McKinney Economic Development Corporation (MEDC)
o $4,000,000 - McKinney Community Development Corporation (MCDC)
o MEDC & MCDC funds will be contributed to the Airport Construction fund and combined with $2,000,000 Airport Construction Fund balance for a total of $10,000,000, which will be appropriated in the project.
* There is a companion agenda item for the City of McKinney's McKinney National Airport to enter into a Lease Agreement With Purchase Option at the McKinney National Airport with Westerntkileasing Inc. to develop a New Fixed Base Operator Terminal, Expanded Parking, Upgraded U.S. Customs Facility, and 40,000 Square Foot Common Hangar at the McKinney National Airport.
BACKGROUND INFORMATION:
* Throughout FY 2017 the City of McKinney's McKinney National Airport has worked with the McKinney Economic Development Corporation, McKinney Community Development Corporation, and private developers to create a plan to develop a New Fixed Base Operator Terminal, Expanded Parking, Upgraded U.S. Customs Facility, 40,000 Square Foot Common Hangar at the McKinney National Airport.
* McKinney National Airport staff initially presented to City Council a plan to develop the airport further on October 3rd, 2...
Click here for full text