Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2022-2023 Annual Budget to Provide Funds for the Purpose of Housing Projects
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
MEETING DATE: June 6, 2023
DEPARTMENT: Community Development & Housing
CONTACT: Janay Tieken, Community Development & Housing
Kim Flom, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of budget amendment.
ITEM SUMMARY:
• Approval of this item would appropriate $2M received as part of the Jefferson Verdant McKinney Public Facilities Corporation project to uses devoted to housing.
BACKGROUND INFORMATION:
• In 2022, the City of McKinney established the McKinney Public Facilities Corporation (MPFC) to support the development of the Jefferson Verdant Project.
• The agreement for the Jefferson Verdant project provides for payments to the MPFC. The City received $2,000,000 at the closing of the project.
• MPFC bylaws require that net revenue for this project be placed into the City’s General Fund for future appropriation by the McKinney City Council.
• The City has received two funding requests for proposed housing projects.
• Appropriating the $2,000,000 to housing related uses is necessary if the City Council seeks to support the current funding requests.
FINANCIAL SUMMARY:
•This Ordinance amends the General Fund Fiscal Year 2022-2023 Annual Budget, by appropriating $2,000,000 received from the Jefferson Verdant project for the purpose of Housing Projects.
BOARD OR COMMISSION RECOMMENDATION:
• N/A