Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Glipwood Properties, LLC for the Cultivate Music Studio Critical Maintenance Project Located at 209 East Lamar Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: December 3, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Cameron Christie, Planner I
Cassandra Bumgarner, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant requests an economic development grant from Reinvestment Zone Number One in support of a critical maintenance project at 209 East Lamar Street (Cultivate Music Studio). The request is to assist specifically with the following TIRZ 1 eligible expenses under the Vacant/Underutilized Sites/Buildings project category of the Project Plan:
* Critical Maintenance
o Roof Repair
* As proposed, the applicant is requesting $10,334.34 in TIRZ funding to offset the full cost of the rehabilitation project.
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for critical maintenance expenses shall be limited to the lesser of the grant/reimbursement of $100,000 per qualifying project and should be considered on a 50/50 match basis. As the total project cost is $20,668.68, the applicant is requesting funding to cover 50% of that cost, $10,334.34.
FINANCIAL IMPACT:
* The current available funds in this account for FY25 are $378,704.
BACKGROUND INFORMATION:
* Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas Local Government Code, the TIRZ B...
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