Title
Consider/Discuss/Act on a First Amendment to Project Grant #17-04, Originally Awarded to Craig Ranch Luxury Hotel SPE Owner LP, Approved on June 26, 2025, for an MCDC Loan in the Amount of Ten Million Two Hundred Fifty Thousand and NO/100 Dollars ($10,250,000.00) and an MCDC Grant in the Amount of Twenty-Five Million and NO/100 Dollars ($25,000,000.00) for Partial Funding for the Construction of a JW Marriott Resort Hotel.
Summary
COUNCIL GOAL: 5: Enhance the Quality of Life in McKinney
5.1: Create affordable recreational and cultural arts activities for all ages throughout the city.
MEETING DATE: January 22, 2026
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• MCDC Board will consider/discuss/act on an amendment to its original agreement with Craig Ranch Luxury Hotel SPE Owner LP.
• The request is for a 120-day extension to obtain equity financing for the Project. Related construction commencement and completion deadlines would also be extended by 120 days.
• The Craig Ranch will construct a resort hotel that includes the following: a minimum 290 guest rooms, at least 51,575 sf of hotel conference space, resort-style pool with “lazy river”, fitness center, three-meal restaurant and specialty restaurant, lounge with terrace/pool seating and beverage/food service, pickleball courts, structured parking, valet and self-parking, gift/sundries shop, business center, access to the TPC Craig Ranch Golf Club and Lifetime Fitness.
• Location will be 8.011-acre parcel at northeast corner of Collin McKinney Parkway and Van Tuyl Parkway.
FINANCIAL SUMMARY:
• On June 26, 2025, MCDC awarded Craig Ranch Luxury Hotel SPE Owner LP:
o $10,250,000 loan at commencement of construction with a variable interest rate equal to the then existing Effective Federal Funds Rate (currently 4.33%)
o $25,000,000 grant to developer payable at the time of issuance of a certificate of occupancy for the Hotel.
SUPPORTING MATERIALS:
• Agreement