Title
Consider/Discuss/Act on a Project Grant Awarded to District 121, LLC, by McKinney Community Development Corporation, in the amount of Up to Two Million Forty Thousand Two Hundred Fifty and No/100 Dollars ($2,040,250.00) for the Development and Construction of The Commons at District 121, a .7 acre Privately Owned and Maintained, Publicly Accessible Open Space and Landscaped Area Featuring a Stage with LED Screen, Outdoor Rooms Defined with Floor Pavers/Stamped Concrete, Cushioned Seating, Tables and Umbrellas, Outdoor Fire Pits, Children's Play Area, Lighting, Sound Systems and Seating for the District 121 Office, Entertainment, Retail and Restaurant Mixed-Use Development in Craig Ranch. Grant to be paid from McKinney Community Development Corporation Fund Balance.
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
(5E: Develop sustainable quality of life improvements within the City of McKinney)
Direction for Strategic and Economic Growth
(1B: Continue to develop a retail development strategy for key areas of the community to further diversify revenue sources and expand entertainment, dining and shopping options and tourism)
(1C: Provide a strong city economy by facilitating a balance between industrial, commercial, residential and open space)
MEETING DATE: June 16, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Project Grant approved by MCDC on 5/28/20.
ITEM SUMMARY:
* District 121, a single purpose limited liability company formed specifically for development of the property located at SRT and Alma Road has submitted an application for an economic development grant for the development and construction of a privately owned and maintained, publicly accessible open space and landscaped area (The Commons at District 121) within the mixed-use development at that location.
* The Commons will be a .7-acre park that will be surroun...
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