Title
Conduct a Public Hearing and Consider/Discuss/Act on a Request for Funding Submitted by St. James CME Church (Project #20-12) in the Amount of One Hundred Fifty Thousand and NO/100 Dollars ($150,000.00) for Construction of Eight Low-Income Housing Units on Land Parcels Owned by the Church on McDonald Street, McKinney, Texas.
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
MEETING DATE: July 23, 2020
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* St. James CME Church is seeking funding from MCDC, in the amount of $150,000 to be used to construct eight housing units, on property owned by the Church, for low-income seniors. The amount requested represents 12% of total estimated project costs.
* The five parcels of land, owned by the Church, identified for the project consist of .3582 acres.
* St. James will establish a single-purpose entity (Limited Liability Corporation) for development of the project.
* The LLC will enter into a lease agreement with the Church (land owner).
BACKGROUND INFORMATION:
* Established in 1873, and located at the corner of Highway 5 (McDonald) and Watt Street, St. James has a mission to impact the City of McKinney and surrounding communities and is actively engaged in the community by providing an ongoing scope of services:
o Donation of food items to local food pantries;
o Donations of toiletries and supplies to local and surrounding shelters;
o Aligning with various community organizations to promote the historic culture of the community;
o Partnering with the community through civic engagement.
* There is a continuing need for low income/affordable housing in McKinney that cannot be met by McKinney Housing Authority and other agencies.
* Development and implementation of this project will help address the need for quality low-income housing, particularly for the elderly.
FINANCIAL SUMMARY:
* Total estimated cost for the eight-unit lo...
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