Title
Conduct a Public Hearing and Consider/Discuss/Act on a Project Grant Application Submitted by Palladium McKinney Ranch, LTD, a Development of Palladium USA (4B26-01), in an Amount of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) for Infrastructure Improvements Related to the Construction of McKinney Ranch Senior Living, a New Independent Senior Living Multi-Family Development with 109 Units, 72 Dedicated to Low-Income Seniors at 60% AMI or Below, Located at 5353 McKinney Ranch Parkway in McKinney, Texas. Amount Requested Represents 7.5% of Total Project Cost.
Summary
COUNCIL GOAL: 1: Direction for strategic and economic growth
1:1 Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
5: Enhance Quality of Life in McKinney
5.3: Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: January 22, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a project grant application submitted by Palladium McKinney Ranch, LTD, a Development of Palladium USA, in an amount of $2,500,000.00 for infrastructure improvements related to the construction of McKinney Ranch Senior Living, a new independent senior living multi-family development.
• The development will have with 109 total units, with 81 dedicated to low-income seniors.
• The development received an award for 9% Housing Tax Credits in July 2025, allowing them to offer more deeply affordable units.
• McKinney Ranch Senior Living will serve income-qualified adults aged 62+ seeking safe, affordable, maintenance-free independent living.
• The 3.71-acre site will feature amenities including a resort-style pool, community garden, BBQ grills and picnic tables, library, theater room, dog park, and business center.
BACKGROUND INFORMATION:
• Palladium McKinney Ranch, Ltd. will be the owner of McKinney Ranch Senior Living. This partnership will be controlled by the larger development group Palladium USA, which is part of the Palladium Group.
• Palladium Group focuses on developing, owning, and managing high-quality multifamily housing. Its mission is to provide housing that supports thriving residents and communities.
• Palladium offers a diverse portfolio of developments including high-rise market rate, mixed-income apartment homes for families, and independent senior living complexes.
FINANCIAL SUMMARY:
• Funds allocated for FY26 for Affordable Housing grants total $3,000,000.
• This is the first time Palladium has requested funding from MCDC.
• The request is eligible for MCDC consideration under Section 501.153 of the Texas Local Government Code - Projects related to affordable housing.
SUPPORTING MATERIALS:
• Application Packet
• Presentation