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File #:
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25-3153
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Name:
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Bond Res_Skyway Villas
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Type:
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Resolution
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Status:
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Agenda Ready
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On agenda:
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9/12/2025
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Final action:
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Title:
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Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Regarding the Submission of Application(s) 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 Skyway Villas Project, and Resolving Other Matters Incident and Related Thereto
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Attachments:
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1. Resolution, 2. Application
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Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Regarding the Submission of Application(s) 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 Skyway Villas Project, and Resolving Other Matters Incident and Related Thereto
Summary
COUNCIL GOAL: Goal #1.1: Provide a Strong Economy by Creating a Global Housing Strategy and Facilitating a Balance Between Industrial, Commercial, Residential, and Open Space.
MEETING DATE: September 12, 2025
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
ITEM SUMMARY:
- Submit an application to request bond issuance of $52,000,000 for the Acquisition/Rehabilitation of an existing apartment complex (Skyway Villas) in McKinney that is more than 20 years old.
- Currently 232 units – all restricted at 60% AMI
- Unit upgrades: new flooring, unit re-paint, interior doors and trim, window coverings, kitchen cabinets, countertops, sinks and kitchen appliances.
- Exterior upgrades include exterior finishes, doors and windows, building lighting and roofing.
- Sitework upgrades include security improvements, landscaping, concrete/paving repair, and accessibility improvements.
- Costs are estimated to be around $73,000 per door. $16.9 million
- Amount of financing applied for: $52,000,000
- Total estimated cost of project: $89,419,362
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