File #: 25-2598    Name: Res - Interfund Loan
Type: Resolution Status: Agenda Ready
In control: City Council Special Meeting
On agenda: 3/25/2025 Final action:
Title: Consider/Discuss/Act on a Resolution for an Interfund Loan from the General Fund to the McKinney Economic Development Corporation to facilitate the purchase of land.
Attachments: 1. Resolution, 2. Loan Agreement, 3. MEDC Promissory Note
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title

Consider/Discuss/Act on a Resolution for an Interfund Loan from the General Fund to the McKinney Economic Development Corporation to facilitate the purchase of land.

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     March 25, 2025

 

DEPARTMENT:                      Financial Services

 

CONTACT:                       Mark Holloway, Chief Financial Officer

                     

 

RECOMMENDED CITY COUNCIL ACTION:                     

•                     Adopt Resolution.

 

ITEM SUMMARY: 

  • This attached resolution authorizes an interfund loan of up to $10,000,000 from the General Fund to the McKinney Economic Development Corporation for a land purchase.

 

BACKGROUND INFORMATION: 

  • The interest rate will be the average daily TexPool Rate for the month of April 2025.
  • The McKinney Economic Development Corporation will repay the interfund loan once funding is received through its recently authorized debt issuance.
  • On March 18, 2025, the McKinney Economic Development Board and City Council approved resolutions authorizing the Issuance of Sales Tax Revenue Bonds in the amount of $40,000,000 for a land purchase.

 

FINANCIAL SUMMARY: 

•                     N/A

 

BOARD OR COMMISSION RECOMMENDATION:

•                     N/A