Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Arabella's, LLC for the Fa?ade Improvement Project at 102 N. Tennessee Street
Summary
MEETING DATE: September 18, 2018
DEPARTMENT: Planning
CONTACT: Matt Robinson, AICP, Planning Manager
Jennifer Arnold, AICP, Interim Director of Planning
RECOMMENDED ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* The proposed agreement with Arabella's, LLC and the City of McKinney is intended for the primary purpose of assisting with fa?ade improvement costs.
* The redevelopment project, located at 102 N. Tennessee Street, is a TIRZ-eligible project in the approved Project Plan of TIRZ No. 1. The project falls under the category of Vacant/Underutilized Sites/Buildings as defined in the TIRZ Project Plan.
* Under the policy governing allocation and/or awarding of TIRZ No. 1 funds for Vacant/Underutilized Site/Buildings as defined by the approved Project Plan, reimbursement and or grant requests are limited to a maximum of $25,000 per qualifying project, with a maximum of $100,000 awarded for qualifying vacant/underutilized site/buildings during each fiscal year.
* The applicant is requesting an economic development grant from Reinvestment Zone Number One to assist with the expense associated with making the following improvements to the existing building:
o Fa?ade improvements consisting of the replacement of upstairs windows with wood windows, repainting the entire building, repair of stucco finish, replacement of the existing door, the replacement of an existing awning and the addition of three awnings on the top floor to maintain the historic nature of the building.
* The applicant has received approval of a Certificate of Appropriateness from the Historic Preservation Officer for the proposed fa?ade improvements.
* The applicant shall submit a gra...
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