Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Regarding the Submission of an Application or Applications for Allocation of Private Activity Bonds to the Texas Bond Review Board and Declaration of Expectation to Reimburse Expenditures with Proceeds of Future Debt for The Mill Stream Apartments Project and Containing Other Matters Incident and Related Thereto
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
5.3: Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: March 14, 2025
DEPARTMENT: Housing & Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
• Resolution approval authorizes the submission of application(s) to the Texas Bond Review Board.
• The application(s) pertain to tax-exempt bonds with a principal amount not exceeding
$2 million.
• The applicant seeks an additional $40 million in total tax-exempt bond financing, with $38 million already issued.
BACKGROUND INFORMATION:
• Construction began February 22, 2023
• Estimated date of completion September 3, 2025
• Property Location: 2300 Wilmeth Rd., McKinney 75071
• Total Units: 240 - 60% AMI
• 96 one-bedroom units
• 108 two-bedroom units
• 36 three-bedroom units
• Community features: 10 three-story, garden-style residential buildings, each containing 24 units. A one-story clubhouse which will include leasing offices, fitness room, business center, and laundry facility.
FINANCIAL SUMMARY:
• Total cost of Project $84,942,324