Title
Consider/Discuss/Act on a Resolution Approving the First Amendment to the Chapter 380 Economic Incentive and Master Development Agreement By and Between the City of McKinney, Texas and Columbus Realty Partners, Ltd., for a Mixed-Use, Economic Development Project
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: June 21, 2016
DEPARTMENT: Development Services
CONTACT: Samantha Pickett, Planning Manager
Brian Lockley, AICP, Planning Director
Michael Quint, Executive Director
RECOMMENDED CITY COUNCIL ACTION:
• Staff recommends approval of the Resolution authorizing the execution of the first amendment to the Chapter 380 Economic Incentive and Master Development Agreement approved on February 16, 2016.
ITEM SUMMARY:
• This amendment authorizes the following revision to the agreement between the City and Columbus Realty Partners, Ltd.:
o Proposed amendment would allow up to 12,000 square feet of office space to occupy the ground floor retail space.
BACKGROUND INFORMATION:
• At the January 19, 2016 City Council Regular Meeting, Council approved a Letter of Intent with Columbus Realty Partners to move forward with definitive agreements for consideration.
• On February 16, 2016, City Council approved a Resolution authorizing the execution of a Chapter 380 Economic Incentive and Master Development Agreement by and between the City of McKinney, Texas, and Columbus Realty Partners, Ltd. for an 8.766 acre parcel in Downtown McKinney.
• The existing, approved agreement requires that construction on the project would begin no later than January 2017 and includes the following elements:
o 320 multi-family, residential dwelling units (including not less than 320 private parking spaces in a structured parking garage)
o 319 public parking spaces (on-street and in a structured parking garage which will also serve the development) with an additional 125 parking spaces available on nights / weekends (to be constructed in the second phase)
o 45,000 square feet of office uses
o 20,000 square feet of retail, restaurant or similar uses (to be modified per proposed amendment)
o First phase of the development provides a mix of retail and multi-family residential uses
o Includes the construction / extension of two public streets
o Includes financial incentives to the developer based on Columbus’ satisfaction of performance criteria
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A