Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Melanie Caple & Company LLC for the 114 West Virginia Street Critical Maintenance, Fa?ade Restoration, and Environmental Remediation Project Located at 114 West Virginia 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: Jennifer Arnold, AICP, Director of Planning
Cassandra Bumgarner, Planning Manager
Cameron Christie, Planner I
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, fa?ade restoration, and environmental remediation project at 114 West Virginia Street (Caple & Co.). 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 Plumbing overhaul and roof drain relocation
o Roof repair
o Masonry repairs to back walls
o Electric and fixtures repair and upgrades
* Fa?ade Restoration
o Storefront demolition
o Front elevation siding
* Environmental Remediation
o Mold and asbestos abatement
* As proposed, the applicant is requesting:
o $50,000 in TIRZ funding to offset the cost of the fa?ade restoration and environmental rehabilitation aspects of the project.
o $61,310 in TIRZ funding to offset the cost of the critical maintenance aspects of the project
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for critical mainte...
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