Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2024-2025 Annual Budget to Provide Funds for Infrastructure Improvements for the Cannon Beach Project (4B2507) and to Reappropriate Previously Awarded Funds for Parks Projects
Summary
COUNCIL GOALS: 1: Direction for Strategic and Economic Growth
1B: 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 . . .
1D: Leverage the existing partnerships with McKinney Economic Development Corporation and McKinney Community Development Corporation
5: Enhance the Quality of Life in McKinney
5C: Create affordable recreational and cultural arts activities for all ages throughout the city.
MEETING DATE: June 3, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
RECOMMENDED CITY COUNCIL ACTION:
• Approve Ordinance
ITEM SUMMARY:
• This ordinance amends the 2024-2025 annual budget to provide $4,000,000 in funding for the Cannon Beach project, which will be appropriated in the McKinney Community Development Corporation Fund.
• This Ordinance amends the Fiscal Year 2024-2025 Annual Budget by appropriating $6,741,106 from MCDC Fund balance for the Parks Construction Fund for the Capital Improvement Program for the following:
o $2,797,804 to PK 1831 Park Updates - Wattley Park Improvements
o $489,314 to PK 2041 Old Settler’s Park Renovations
o $1,580,743 to PK2109 Greens Neighborhood Park
o $315,077 to PK2349 Park Equipment - Mobile Stage
o $318,664 to PK2343 2023-2024 Playground/Park Improvements - Horizon
o $1,039,504 to PK4397 Recreation Center at Towne Lake Improvements
o $200,000 to PK9143 Erwin Park Improvements
BACKGROUND INFORMATION:
• On February 27, 2025, the McKinney Community Development Corporation approved $4 million for infrastructure improvements to land located at the Northeast intersection of State Highway 121 and Stacy Road in McKinney, Texas in preparation for the construction of Cannon Beach, a mixed-used adventure entertainment destination.
• On February 27, 2025, McKinney Community Development Corporation approved funding for this project in an amount of $4 million to be appropriated from MCDC fund balance.
• On April 24, 2025, McKinney Community Development Corporation approved the reappropriation of funding totaling $6,741,106 to be appropriated in the MCDC fund balance.
FINANCIAL SUMMARY:
• This ordinance amends the 2024-2025 annual budget to provide $4,000,000 in funding for the Cannon Beach project, which will be appropriated in the McKinney Community Development Corporation Fund Balance.
• This Ordinance amends the Fiscal Year 2024-2025 Annual Budget by appropriating $6,741,106 from MCDC Fund balance for the Parks Construction Fund for the Capital Improvement Program for the following:
o $2,797,804 to PK 1831 Park Updates - Wattley Park Improvements
o $489,314 to PK 2041 Old Settler’s Park Renovations
o $1,580,743 to PK2109 Greens Neighborhood Park
o $315,077 to PK2349 Park Equipment - Mobile Stage
o $318,664 to PK2343 2023-2024 Playground/Park Improvements - Horizon
o $1,039,504 to PK4397 Recreation Center at Towne Lake Improvements
o $200,000 to PK9143 Erwin Park Improvements