Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Negotiate an Agreement with a Preferred Development Team for the Redevelopment of Approximately 4.75 Acres of City-Owned Property in the Historic Downtown
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and Ordinance changes in McKinney’s historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: January 2, 2024
DEPARTMENT: Development Services
CONTACT: Kim Flom, AICP, RLA, Assistant City Manager
Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
• Select a preferred development team and approve the resolution.
ITEM SUMMARY:
• Based on the evaluation of the Request for Qualifications (#23-38RFQ) submittals, interviews, and presentations to City Council, Staff recommends moving forward with an exclusive 180-day negotiation period with a preferred development team of the City Council’s choosing, either Hines Interests, LP., M2G Ventures, LLC., or Nack Development, LLC., for the redevelopment of approximately 4.75 acres of City-owned property located on and around the property located at 222 N. Tennessee Street.
• During the exclusive negotiation period the preferred development team will use the 180-days to partner with the City to develop guiding principles for the development, a preferred development concept inclusive of public input, and development terms that will guide the drafting of a comprehensive agreement governing the development of the properties. By the end of this 180-day time period, the preferred development team will present their development proposal to the City Council for consideration. The City Council will also consider a proposed term sheet.
• The City Council's approval of the proposed resolution does not obligate the City to participate in a public/private partnership.
BACKGROUND INFORMATION:
• A Request for Qualifications (RFQ) is a process through which the City informs members of the development community of a partnership opportunity aimed at redeveloping the properties in question. Interested development teams are permitted to formally respond to the RFQ expressing their interest in partnering with the city. The responding development teams will be interviewed, and a partner(s) will ultimately be selected by the City Council. After that selection, formal partnership negotiations will commence and will conclude with the City Council’s approval of an agreement which will stipulate the terms of the partnership and the development of the properties.
• Additional information regarding this downtown redevelopment initiative may be found on the City of McKinney’s website at: www.mckinneytexas.org/cityproperty <http://www.mckinneytexas.org/cityproperty>.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A