Title
Consider/Discuss/Act on a Retail Development Infrastructure Grant Application (RI 24-06) Submitted by The Cotton Mill in the Amount of Thirty-Nine Thousand NO/100 Dollars ($39,000.00) for Construction of a Sidewalk and Walkway to Provide Access to an Existing Crushed Gravel Parking Lot at The Cotton Mill on the Property Located at 610 Elm Street, McKinney, Texas.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: March 28, 2024
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a Retail Development Infrastructure grant request for $39,000 for construction of a sidewalk and walkway to provide access to parking at The Cotton Mill.
• These improvements will provide connectivity throughout the building and allow visitors easier access to the south side of the property.
BACKGROUND INFORMATION:
• The Cotton Mill is a unique, historic facility offering loft office space, a gorgeous event hall and the perfect backdrop for photography shoots.
• The industrial equipment and unique features that once made the place the largest denim manufacturer in the world remain today, making it a one-of-a-kind destination for weddings, parties, and corporate events.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,000. Maximum award for any single grant is $50,000.
• In FY 2023, The Cotton Mill was awarded a Retail Development Infrastructure Grant for $135,580 neon signage.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation