Title
Consider/Discuss/Act on a Resolution to Authorize the McKinney Housing Finance Corporation President or Vice President to Execute Loan Documents with the Development Selected to Receive Such Funds by the McKinney Public Facility Corporation
Summary
ITEM SUMMARY:
* Two developers have recently submitted requests to utilize McKinney Public Facilities Corporation funding.
* ?Both projects also submitted the same funding requests to the McKinney Community Development Corporation.
* ?The Knight Development submittal requests $1,800,000 to fill a financing gap for The Remnant at Greenwood I and II projects.
* The Remnant at Greenwood I and II projects to demolish the two existing developments (46 total units) and replace them with new and additional units (96 total units).
* ?Palladium USA submittal requests $1,500,000 to fill a financing gap for Palladium McKinney.
* Palladium McKinney proposes to construct a 172-unit multifamily project that will include common amenities. Units will be available to residents at 60% AMI or below.
* ?At their meeting on May 25, the McKinney Community Development Corporation approved funding for both projects, with the stipulation that if either project receives alternative funding, then the funded applicant will not receive MCDC funds.
* ?At their meeting on June 6, 2023, the McKinney Public Facility Corporation reviewed both applications and is recommending funding to one of the projects: _______________________.
BACKGROUND INFORMATION:
* The McKinney Housing Finance Corporation has approved a request from The Remnant at Greenwood I and II to issue bonds for the project.
* Palladium McKinney has a co-development partnership with the McKinney Housing Finance Corporation.
FINANCIAL SUMMARY:
* The MPFC received $2,000,000 at the closing of the Jefferson Verdant project. A budget amendment is on the June 6, 2023 Council Agenda that would appropriate the funds to housing uses.
* The MHFC would use the approve...
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