Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Haddington Fund, LLC for the 501 and 601 E. Louisiana Street Flour Mill Buildings’ Roofs Critical Maintenance Project
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney by promoting reinvestment activities and ordinance changes in Historic Downtown McKinney that balance preservation of historic character and current market needs.
MEETING DATE: January 16, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED BOARD ACTION:
• Staff recommends approval of the Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
• The applicant requests an economic development grant from Reinvestment Zone Number One in support of the rehabilitation of the roofs on the 501 East Louisiana and 601 East Louisiana buildings of the Flour Mill site. This work will repair previous damage, weathering, and wear.
• The request is to assist specifically with the following TIRZ 1 eligible project under the Vacant/Underutilized Sites/Buildings category of the TIRZ No. 1 Project Plan:
• Critical Maintenance
o New sub roofing and roofing membrane (601 E Louisiana)
o New roofing and slope improvements to the main roof (501 E Louisiana)
o Repairs and replacement of siding and trim on the monitor style clerestory (501 E Louisiana)
o New roofing membrane on the upper roof of the monitor. (501 E Louisiana)
o Repairs to water damaged structural rafter tails (501 Louisiana)
o Repairs and replacements of gutters and downspouts (both buildings)
• The applicant will be retaining historic materials wherever possible and replacing in-kind any elements damaged beyond repair.
• The applicant has requested $136,240; however, critical maintenance grants are a 50/50 matching grant up to $50,000 per qualifying project per the TIRZ No. 1 Administrative Policy, adopted in January of 2020.
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(s) is an eligible project in the TIRZ No. 1 Project Plan under the category of Vacant/Underutilized Sites/Buildings, which is defined as “relatively smaller projects (under $5.0 million) for the incremental redevelopment of vacant/underutilized Town Center sites or buildings.” Specific activities eligible for TIRZ No. 1 funding under the Vacant/Underutilized Sites/Buildings category include:
• Environmental Remediation and associated Interior/Exterior Demolition
• Historic Façade Restoration Improvements/Easements
• Acquisition and Restoration of Historic Sites (public projects)
• Street, Utility, and Streetscape Improvements
• Municipal Land Acquisition
• Critical Maintenance
• Fire Suppression
FINANCIAL SUMMARY:
• The FY23-24 budget for TIRZ No. 1 includes funding for Vacant/Underutilized Sites/Buildings.
• The current available funds in this account for FY24 are $401,000.
• Reimbursement and/or grant requests are funded on a first-come, first-serve basis until the maximum fiscal year allotment has been reached. To date for FY24, no reimbursements or grant requests have been approved.
• A full summary of projects that have received TIRZ No. 1 Category II funding is attached to this staff report for your reference.