Title
Consider/Discuss/Act on a Resolution Approving the First Amendment to the Chapter 380 Economic Development Agreement Between the City of McKinney, Texas, and McKinney SH I, LTD, for the Construction of a Portion of Bois D'Arc Road, Generally Between U.S. Highway 380 and Crowe Lane
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional and infrastructure incentives to increase economic growth)
MEETING DATE: June 18, 2019
DEPARTMENT: City Manager
CONTACT: Gary Graham, PE, Director of Engineering
Brandon Opiela, Development Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Resolution
ITEM SUMMARY:
* This resolution authorizes the City Manager to execute the First Amendment to the 380 Economic Development Agreement with McKinney SH I, LTD for the development of a commercial center on the southwest corner of US 380 and Hardin Boulevard.
* The proposed agreement amends the Chapter 380 Economic Development Agreement between the City and McKinney SH I, approved in September of 2017, which provided for a conditional economic development grant based on the timely completion of one 55,000 square foot twelve (12) screen movie theater with lounge seating and food/drink delivery, and two (2) Class A retail buildings containing a total of approximately 20,250 square feet of improved conditioned retail space that was a part of a larger commercial development.
* While the project was under construction, McKinney SH I requested that the width of Bois D'Arc at the intersection of U.S. Highway 380 be reduced by eliminating the northbound through lane. Staff was agreeable to this change to avoid the franchise utility relocations that would be required to build the proposed lane configuration. The modified plan still provides for two northbound lanes, a left only and a shared through/right turn lane. Because of the proximity to the Hardin and U.S. 380 intersection, this intersection is not likely to be signalized in...
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