Title
Conduct a Public Hearing and Consider/Discuss/Act on Amended Project #17-04, Submitted by Craig Ranch Luxury Hotel SPE Owner LP, for an MCDC Loan in the Amount of Ten Million Two Hundred Fifty Thousand and NO/100 Dollars ($10,250,000.00) and an MCDC Grant in the Amount of Twenty-Five Million and NO/100 Dollars ($25,000,000.00) for Partial Funding for the Construction of a JW Marriott Resort Hotel; The Amount Requested Represents 10.8% of the Total Estimated Project Cost of Three Hundred Twenty-Five Million and NO/100 Dollars ($325,000,000.00).
Summary
COUNCIL GOAL: 5: Enhance the Quality of Life in McKinney
5B: Create affordable recreational and cultural arts activities for all ages throughout the city.
MEETING DATE: June 26, 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 Craig Ranch Luxury Hotel SPE for construction of a resort hotel that includes the following:
o 290 guest rooms
o Conference center with approximately 51,000 square feet
o Resort style pool with lazy river
o Fitness center
o Three-meal restaurant and specialty restaurant
o Lounge with terrace/pool seating and food/beverage service
o Pickleball courts
o Structured parking
o Valet and self-parking
o Gift/sundries shop
o Business center
• Location will be 8.011-acre parcel at northeast corner of Collin McKinney Parkway and Van Tuyl Parkway
• Hotel will include guest access to the TPC Craig Ranch Golf Club and Lifetime Fitness McKinney at Craig Ranch facility
FINANCIAL SUMMARY:
• MCDC to provide the following:
o $10,250,000 loan at commencement of construction with a variable interest rate equal to the then existing Effective Federal Funds Rate (currently 4.33%)
o $25,000,000 grant to developer payable at the time of issuance of a certificate of occupancy for the Hotel.
SUPPORTING MATERIALS:
• Application Packet