Title
Presentation on the Tri-City Collin County Operational Plan for Economic Normalization (O.P.E.N.) Business Grant Program (Collin County CARES Act Funding).
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: June 16, 2020
DEPARTMENTS: City Manager's Office
McKinney Economic Development Corporation (MEDC)
CONTACT: Kim Flom, Assistant City Manager
Peter Tokar, MEDC President & CEO
ITEM SUMMARY:
* The City of McKinney has been working with Allen and Frisco in the development of a shared business grant program to utilize a portion of the Collin County CARES Act Direct Allocation.
BACKGROUND INFORMATION:
* Collin County received $171.4M in CARES Act Funding from the Department of the Treasury to provide ready funding to address unforeseen financial needs and risks created by the COVID-19 public health emergency.
o $50M Direct Cost Program allocated to cities based on Census population from COVID related costs ($10,098,347.55 allocated to McKinney).
o $45M - Emergency Housing and Living Program for the entire County, distributed through the cities of McKinney, Plano, Frisco and Allen ($30M initial funding with $15M in reserve). Currently being administered through the EHLA Program.
o $5M for COVID 19 testing for uninsured residents of the County
o $71.4M Unallocated by the County
* On May 19, the Council approved an Interlocal Agreement with Collin County to provide the framework for the distribution of CARES Act Funding (Direct Cost Program $10M), from the Department of the Treasury, through Collin County, to the City of McKinney.
* CARES Act Direct Allocation funds can be used for economic support to those suffering from business interruption due to COVID-19 related business closures.
* The City and MEDC have been working with Frisco and Allen in order to develop a tri-city approach, titled O.P.E.N., across the three communities.
* A shared approach has the following benefits:
o Pooled funds leverage the a...
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