Title
Consider/Discuss/Act on a Resolution Supporting the Issuance of Tax Exempt Bonds by the Crawford Education Facilities Corporation for the McKinney Christian Academy Expansion Project, Located at 3601 Bois D’Arc Road
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: December 2, 2025
DEPARTMENT: City Manager’s Office
CONTACT: Jennifer Arnold, AICP, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Resolution.
ITEM SUMMARY:
• This item is to consider a resolution supporting the issuance of tax-exempt bonds by the Crawford Education Facilities Corporation (CEFC) for a not-to-exceed amount of $3,000,000 to fund an expansion project at McKinney Christian Academy, located at 3601 Bois D’ Arc Road.
• This approval is required under the federal Tax Equity and Fiscal Responsibility Act (TEFRA) and does not create any financial obligation or liability for the City of McKinney.
• Under Section 147(f) of the Internal Revenue Code, projects financed with tax-exempt private-activity bonds must receive approval from the governing body of the jurisdiction where the project is located. CEFC held the required public TEFRA hearing with proper public notice.
• The attached resolution fulfills the City Council’s limited role by providing local approval required to complete the school’s tax-exempt financing.
BACKGROUND INFORMATION:
• The Crawford Education Facilities Corporation is a nonprofit issuer created by the City of Crawford under the authority of Chapters 53 and 53A of the Texas Education Code. These statutes authorize education facilities corporations to issue revenue bonds for accredited primary and secondary schools, including schools located outside the incorporating municipality.
• McKinney Christian Academy has requested CEFC to issue tax-exempt financing in support of their campus expansion. The planned project includes:
o construction of a new math and science wing containing nine classrooms and laboratory spaces; and
o an approximately 2,000-square-foot multipurpose building that will also function as the campus storm shelter.
• The financing is solely a revenue obligation of CEFC and the School. The City of McKinney is not a party to the loan documents and assumes no debt, liability, or credit risk related to the project.
FINANCIAL SUMMARY:
• There is no financial impact to the City of McKinney.
o The bonds are payable solely from revenues and agreements between CEFC, the lender, and McKinney Christian Academy.
o The City incurs no cost, no repayment obligation, and no administrative or operational responsibility.
o Approval of the resolution is procedural and required only to satisfy TEFRA compliance.