Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Nir Sela for the Historic Façade Improvements at the 111 E Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5.2: Promote reinvestment activities and ordinance changes in McKinney’s historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: October 20, 2026
DEPARTMENT: Development Services - Planning Department
CONTACT: Cassie Bumgarner, Planning Manager
Lucas Raley, AICP, CNU-A, CFM - Director of Planning
RECOMMENDED TIRZ BOARD ACTION:
• Staff recommends that the TIRZ 1 Board approve the requested Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement by the applicant.
ITEM SUMMARY:
• The applicant requests an economic development grant from Tax Increment Reinvestment Zone Number One in support of a historic façade improvement project at 111 E Virginia Street. The request is as follows:
o The applicant is requesting $17,774.48 in TIRZ funding to offset the cost of the historic façade improvements project.
§ Complete restoration of 5 stained glass panels on the facade
§ Maintaining the same design and pattern, but with new lead and replacement of any broken or missing pieces
o The applicant reached out to several companies but was only able to find one company with the qualifications and capacity to complete the work. The applicant has included screenshots of a text message thread showing effort to reach out to another company, which declined the project.
o The total of the historic façade improvements work was $17,774.48, which accounts for the cost of the complete restoration of the 5 panels, including cleaning, re-leading, reglazing, and replacing any broken or missing pieces. The applicant is requesting the full amount to be reimbursed.
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 local economic development and stimulating businesses and commercial activity within the reinvestment zone.
• The proposed project is an eligible project in the TIRZ 1 Project Plan under the project type of Vacant/Underutilized Sites/Buildings, with eligible expenditures for façade renovations.
FINANCIAL SUMMARY:
• The applicant is requesting $17,774.48 in TIRZ funding as follows:
o $17,774.48 - Façade Restoration
• Each year, $400,000 is allocated to the “Vacant/Underutilized Sites/Buildings” project type of TIRZ 1 to support project requests under this type. The applicant’s request meets the policy and guidelines requirements, which are included as an attachment for this item.
• This meeting is the first of the FY27 fiscal year, and as such, there is $400,000 of budgeted funding in the FY27 allocation which could fund this and other requests considered this afternoon.
• Additionally, a financial forecast for the TIRZ 1 fund balance is attached to provide a comprehensive view and provide broader context of the current and anticipated fund balance through FY31 to aid board members as funding requests are considered.