Title
Consider/Discuss/Act on Resolution Authorizing the Formation of McKinney Franklin Branch Contractor, LLC, ("The Contractor") in Connection with The McKinney Housing Finance Corporation Multifamily Housing Revenue Bonds (Franklin Branch Apartments), Series 2026; Authoring the Designation of the Corporation as the Sole Member of the Contractor; Approving the Form and Substance of a Limited Liability Company Agreement and the Execution Thereof; Ratifying Certain Actions Heretofore Taken in Connection with the Contractor; Authorizing the Execution of Documents and Instruments Necessary or Convenient to Carry out the Purposes of this Resolution; and Containing other Provisions Relating 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: April 10, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED BOARD ACTION:
* Approve Resolution.
ITEM SUMMARY:
* On December 13, 2024, NRP Holdings LLC (the "Developer"), was selected as the co-development partner for the McKinney Housing Finance Corporation (MHFC) Request for Qualifications (RFQ). The Developer is proposing a 100% affordable, 288-unit multifamily housing development to be located on an approximately 15.7-acre site on the southwest corner of FM1461 and Baxter Well Road known as the Franklin Branch Apartments (the "Project").
* The proposed Resolution authorizes the legal creation of the McKinney Franklin Branch Contractor, LLC, which will serve as the general contractor for the project. The MHFC typically serves as the General Contractor (through a subsidiary LLC) to qualify for sales tax exemptions on construction materials. These significant cost savings are essential for maintaining the project's 100% affordable sta...
Click here for full text