Title
Conduct a Public Hearing and Consider/Discuss/Act on a Retail Development Infrastructure Grant Application Submitted by ACM Virginia Holdings LLC (RI 24-08) in an Amount of Forty Thousand Two Hundred Fifty and NO/100 Dollars ($40,250.00) to Install a New Sewer Connection, Replace the Parking Lot, and Replace the Main Electrical Panel at the Antique Company Mall Located at 213 E. Virginia Street in McKinney, Texas.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: February 22, 2024
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 ACM Virginia Holdings for $40,250.00 for improvements at The Antique Company Mall.
• Project elements include the installation of a new sewer connection, excavation and replacement of parking lot, and replacement of the main electrical panel.
BACKGROUND INFORMATION:
• ACM Virginia Holdings has owned the Antique Company Mall since 2013, which encourages local entrepreneurs and provides space to approximately 115 dealers in its 15,000 square foot building.
• The Mall provides cashiers and various other services to its booth tenants.
• Their goal is to continually upgrade the facility and operations in order to continue the operations of a quality mall.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,000. Maximum award for any single grant is $50,000.
• This is the first time ACM Virginia Holdings has requested funding from MCDC.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation