Title
Consider/Discuss/Act on a Second Extension to the Term of the Loan Agreement for Project 4B24-08, Awarded to SDC Throckmorton Villas, A Development of Sphinx Development Corporation, a Division of The Sphinx Group, for Infrastructure Improvements Related to the Construction of 380 Villas, from December 31, 2025, to May 31, 2026.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1B: Provide a strong city economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
MEETING DATE: December 18, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will consider a second extension for Project 4B 24-08 submitted by SDC Throckmorton (Sphinx Development Corporation, The Sphinx Group), to May 31, 2026.
• The original agreement had a term deadline of July 31, 2025. An extension to December 31, 2025, was approved by the Board on July 24, 2025.
• 100% of the residential units at 380 Villas will be marketed to families earning 60% or less of area median income (AMI).
• 380 Villas will include 260 units including townhomes, studios, one-bedroom, two-bedroom and three-bedroom apartments.
• An onsite resident service coordinator will plan and organize community events that may include classes in finance and tax preparation, health fairs, substance abuse meetings, clubs (reading, gardening, etc), craft events and holiday social events.
• In 2022, Council passed a Resolution of Support for the development of 380 Villas. Construction began on the development in September 2022.
BACKGROUND INFORMATION:
• Sphinx Development Corporation (division of the Sphinx Group) is a Dallas-based real estate development company focused on affordable housing projects.
• The Sphinx Group has completed 14 similar projects in the DFW metroplex and they provide management services for ten of the 14.
FINANCIAL SUMMARY:
• Funds totaling $500,000 were approved by the Board on July 24, 2024.
• The request is eligible for MCDC consideration under Section 505.153 of the Texas Local Government Code.
• No division of The Sphinx Group has previously requested funding from MCDC.
SUPPORTING MATERIALS:
• Application Packet
• Presentation