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 Harbor Insurance and Financial Services, LLC, for the 115 W Virginia Street Fa?ade Improvement Project
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney by promoting reinvestment activities and ordinance changes in Historic Downtown McKinney that balance preservation of historic character and current market needs
MEETING DATE: May 7, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Cameron Christie, Planner I
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant is requesting an economic development grant from Reinvestment Zone Number One in support of the street fa?ade improvement project at 115 West Virginia Street (Harbor Insurance). The request is to assist specifically with the following TIRZ-One eligible activities under the Vacant/Underutilized Site/Buildings category of the project plan:
* Fa?ade rehabilitation
o Restoration of historic fa?ade
o Installation work of new Brick Veneer using Metal Lath and Scratch Coat Cement and Exterior Insulation Finishing System (EIFS) molding design on the storefront
o Installation of new doors and windows, including restoration of original transom windows
o The applicant will repair existing brick as possible, but may have to replace brick that has been damaged
* The total cost for the rehabilitation at 115 West Virginia Street is estimated to be between $53,800 and $60,812.
* The applicant is requesting $25,000.
BACKGROUND INFORMATION:
* Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas Local Government Code, the TIRZ Board has the authority to make loans or grants of TIRZ funds for the purpose of promoting...
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