Title
Consider/Discuss/Act to Rescind Approval of Project #14-01, a Grant in the Amount of Two Million Dollars and no/100 ($2,000,000) for Costs Related to Establishment of a Facility and Commencement of Business Operations in McKinney, Texas
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: August 25, 2016
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• The McKinney Community Development Corporation will consider rescinding approval of Project #14-01, a grant approved in an amount of $2,000,000 for costs related to the establishment of a business facility and commencement of business operations in McKinney.
BACKGROUND INFORMATION:
• McKinney Economic Development Corporation and McKinney Community Development Corporation entered into a grant agreement with Barclays Technology Centre Limited and Barclays Services Corporation effective November 1, 2014.
• McKinney Economic Development Corporation, McKinney Community Development Corporation, Barclays Group Operations Limited and Barclays Services Corporation have executed a mutual rescission agreement to terminate all obligations of the grant agreement that became effective November 1, 2014.
FINANCIAL SUMMARY:
• Board action to rescind approval of project #14-01 will release the $2,000,000 in funds committed to project #14-01 so they may be available for funding future Type B eligible projects in McKinney.