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 B2 Property Leasing, LLC, for Environmental Remediation at 212 E Louisiana Street
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: April 4, 2023
DEPARTMENT: Development Services - Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL 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 in the amount of $14,709 in support of the rehabilitation at 212 E. Louisiana Street (Horse’s Axe). The request is to assist specifically with the following TIRZ-eligible project(s) under the Vacant/Underutilized Site/Buildings category of the TIRZ No. 1 Project Plan:
• Environmental Remediation, asbestos abatement, and removal
• The applicant received two previous TIRZ No.1 grants in FY23 for the rehabilitation of 212 E. Louisiana Street. One in the amount of $25,000 for façade restoration. The second in the amount of $50,000 for the installation of fire suppression improvements.
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 FY22-23 annual budget for TIRZ No. 1 includes funding for Vacant/Underutilized Sites/Building.
o The current available funds in this account for FY23 are $300,040.
o Of the annual $100,000 allocated for Vacant/Underutilized properties each fiscal year, one $25,000 project has been awarded.
• 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 FY23, one reimbursement or grant request has been approved for Category II(a).
• A full summary of projects that have received TIRZ No. 1 funding is attached to this staff report for your reference.