Title
Conduct a Public Hearing to Consider/Discuss/Act on a Second Amendment to the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with McKinney Knittery/Downtown Dry Goods for the Façade Improvement Project at 119 W. Louisiana
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: May 3, 2022
DEPARTMENT: Development Services - Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
ITEM SUMMARY:
• The proposed amendment to the Chapter 380 Economic Agreement with the McKinney Knittery/Downtown Dry Goods is to further extend the deadline of the obligation to complete the façade improvements until September 30, 2022 (from March 31, 2022).
• Under the agreement approved by the TIRZ #1 Board on December 1, 2020, McKinney Knittery/Downtown Dry Goods was to:
o Make façade improvements consisting of storefront restoration.
o Receive a “green tag” inspection for the improvements by September 30, 2020.
• Under this proposed second amendment, the specific obligations of McKinney Knittery/Downtown Dry Goods to construct façade improvements are amended as follows:
o McKinney Knittery/Downtown Dry Goods shall fund and complete the project on or before September 30, 2022 and shall receive a final “green tag” inspection for the Project at the historic building located at 117 W. Louisiana Street on or before that date.
• Except as specifically amended above, all terms and provisions of the original agreement will remain in full force and effect.
BACKGROUND INFORMATION:
• The TIRZ#1 Board approved a Chapter 380 Economic Development and Project Plan Implementation Agreement with McKinney Knittery/Downtown Dry Goods for Façade improvements consisting of storefront restoration on December 1, 2020.
• The agreement was amended in October of 2021 to extend to March 31, 2022.
FINANCIAL SUMMARY:
• This amount falls within the $25,000 per qualifying project for Façade Improvements under the TIRZ project plan.
• These funds were originally approved in 2020-21 budget but not were not awarded. Under the TIRZ#1 policy plan, these funds carry over year to year.