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 The Parks Church for a Vacant/Underutilized Project at 129-131 S Tennessee Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: June 16, 2026
DEPARTMENT: Development Services - Planning Department
CONTACT: Cassie Bumgarner - Planning Manager
Lucas Raley - Director of Planning
RECOMMENDED ACTION:
• Approve the attached ordinance, amending the Fiscal Year 2025-2026 budget.
ITEM SUMMARY:
• The attached ordinance represents a budget amendment to fund the $453,439.57 Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with the Parks Church.
BACKGROUND INFORMATION:
• At the May 5, 2026 TIRZ 1 meeting, the Parks Church requested TIRZ funding for their environmental remediation at the 129-131 S Tennessee site, which included removal of 5 underground gas tanks from a previous use on the site.
• The TIRZ Board funded The Parks Church in the amount of $453,439.57.
FINANCIAL SUMMARY:
• Each year $400,000 is allocated to the “Vacant/Underutilized Sites/Buildings” project category of Reinvestment Zone Number 1 to support project requests under this category. The current balance of funds in this account for FY26 is $279,000.
• On June 2nd, the TIRZ Board chose to recommend the following:
o Fund the project by utilizing the remaining allocated funds in the “Vacant/Underutilized Sites/Buildings” balance ($279k) and supplement with general TIRZ 1 fund balance dollars ($174.4k). This will close out the allocation of funds under the “Vacant/Underutilized Sites/Buildings” project category for the remainder of the fiscal year.
o The budget amendment reflects the additional $174,439 required to fund the difference between the total amount awarded to the project and the balance in the funds allocated for the project type this fiscal year.
BOARD OR COMMISSION RECOMMENDATION:
• At the May 5, 2026, Reinvestment Zone No. 1 regular meeting, the TIRZ Board approved a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with the Parks Church in the amount of $453,439.57.
• At the June 2, 2026, Reinvestment Zone No. 1 regular meeting, the TIRZ Board recommended the attached ordinance which will close out the Vacant/Underutilized Sites/Buildings category for the remainder of the fiscal year and will also allocate the remaining balance of the funded amount ($174,439.57) from the TIRZ No. 1 fund balance.