Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2025-2026 Annual Budget to Provide Funds for the purpose of a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with UB33 McKinney LLC for a Vacant/Underutilized Project at 308 W Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: November 18, 2025
DEPARTMENT: Development Services - Planning Department
CONTACT: Cassie Bumgarner - Planning Manager
RECOMMENDED BOARD ACTION:
• Approve ordinance
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2025-2026 Annual Budget by appropriating $622,162 from the TIRZ 1 Fund balance for the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with UB33 McKinney LLC.
BACKGROUND INFORMATION:
• At the October 21 TIRZ 1 meeting, UB33 McKinney LLC requested TIRZ funding for their adaptive reuse of the commercial building located at 308 W Virginia Street.
• The TIRZ board approved funding UB33 McKinney LLC $622,162, under the TIRZ eligible expenditures of critical maintenance, environmental remediation, fire suppression, and street, utility, and streetscape improvements.
• For Fiscal Year 2026, TIRZ 1 was allocated $400,000 for funding projects out of the TIRZ 1 fund balance; however, the approved project for UB33 McKinney LLC at 308 W Virginia exceeds this amount. This ordinance amends the budget to pull the funding for this project from the fund balance.
FINANCIAL SUMMARY:
• This Ordinance amends the Fiscal Year 2025-2026 Annual Budget by appropriating $622,162 from the TIRZ 1 Fund balance for the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with UB33 McKinney LLC.
BOARD OR COMMISSION RECOMMENDATION:
• At the October 21, 2025 Reinvestment Zone No. 1 Regular Meeting the TIRZ Board approved a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with UB 33 McKinney LLC in the amount of $622,162.