Title
Consider/Discuss/Act on TIRZ 1 Funding for the Downtown Parking Structure and City Park Relocation Project (FC2634)
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1.2: Continue to develop a retail development strategy for key areas of the community to further diversify revenue sources and expand entertainment, dining and shopping options and tourism to become a “Live, Work, & Play” community.)
Enhance the Quality of Life in McKinney
(5.5: Enhance connectivity to parks & civic facilities, schools/education centers, libraries, health care providers, commercial corridors, etc.)
MEETING DATE: March 3, 2026
DEPARTMENT: Public Works Department
Facilities Construction Division
CONTACT: Ryan Gillingham, P.E. - Director of Public Works
Patricia L. Jackson, PE, Facilities Construction Manager
RECOMMENDED BOARD ACTION:
• Staff is requesting approval of requested TIRZ 1 funding of $411,500 for the Downtown Parking Structure and City Park Relocation Project (FC2634).
ITEM SUMMARY:
• The City requests funding from Reinvestment Zone Number One in support of the Downtown Parking Structure and City Park Relocation Project. The funding would include hiring a Design-Builder to provide the Schematic Design phase of the project.
• As proposed, the City is requesting $411,500 in TIRZ 1 funding to proceed with the Schematic Design phase of this project.
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 activities within the reinvestment zone.
• The proposed project is an eligible project in the TIRZ No. 1 Project Plan as an administrative cost.
• An accompanying Resolution for a Design/Build Services Agreement is on the agenda for City Council approval.
FINANCIAL SUMMARY:
• Approval of the $411,500 requires a budget amendment. This budget amendment would be required to fulfill staff’s request and is included in this agenda item. The budget amendment is ultimately subject to City Council’s approval.
BOARD OR COMMISSION RECOMMENDATION: N/A