Title
Conduct a Public Hearing to Consider/Discuss/Act on an Ordinance Amending the Project Plan for Tax Increment Reinvestment Zone Number One
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5D: Promote reinvestment activities in McKinney's historic downtown that balance the historic character and current market needs)
MEETING DATE: January 21, 2020
DEPARTMENT: Development Services - Planning Department
CONTACT: Mark Doty, Assistant Director of Planning
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the proposed ordinance.
ITEM SUMMARY:
* The board for Reinvestment Zone Number One (TIRZ 1) considered a resolution to amend the project plan for TIRZ 1 at the January 21, 2020 meeting. As such, Staff is now presenting an ordinance adopting the amended project plan for TIRZ 1.
* The proposed amendment to the TIRZ 1 Project Plan will clarify language regarding the current allowed expenditures for Catalyst Projects and Vacant/Underutilized Sites/Buildings.
* The current language reads that the City of McKinney Town Center has several buildings that contribute to the character and fabric of the Town Center, but these buildings sometimes are financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos lead based paint and other contaminants, interior and exterior demolition costs, fa?ade improvement costs and fire accessibility issues.
* The amended language shall read that the City of McKinney Town Center has several buildings that contribute to the character and fabric of the Town Center, but these buildings sometimes are financially unfeasible to properly redevelop because of the cost of environmental remediation of asbestos, lead-based paint and other contaminants, interior and exterior demolition costs, fa?ade improvement costs, fire suppression improvement costs (including fire sprinkler systems), and fire accessibility iss...
Click here for full text