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 Haddington Fund, LP for the Fa?ade Improvement Project at 501-601 E. Louisiana Street
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: May 19, 2020
DEPARTMENT: Development Services - Planning
CONTACT: Mark Doty, Assistant Director of Planning
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* The proposed agreement with Haddington Fund, LP and the City of McKinney is intended for the primary purpose of assisting with fa?ade improvement costs.
* The redevelopment project, located at 501-601 E. Louisiana 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 new entry doors and metal awnings.
* The applicant shall submit a grant submittal package to staff including all cost and payment documentation. Staff shall verify that the expenditures were made in such amounts prior to any Grant disbursement. ...
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