Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with UB33 McKinney LLC for a Fire Suppression, Environmental Remediation, and Critical Maintenance Project Located at 308 W Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: October 21, 2025
DEPARTMENT: Development Services - Planning Department
CONTACT: Cassie Bumgarner - Planning Manager
RECOMMENDED BOARD ACTION:
* Staff recommends denial of the applicant's request for TIRZ No. 1 funding in the amount of $943,103.64 because the request exceeds funding limits established within the TIRZ No. 1 policy.
* However, Staff is recommending approval of a proposed resolution in the amount of $125,739.12 for the project.
ITEM SUMMARY:
* The applicant requests an economic development grant from Reinvestment Zone Number One in support of a vacant/underutilized project at 308 W Virginia Street. The request is to assist specifically with the following TIRZ 1 eligible expenses under the Vacant/Underutilized Sites/Buildings project category of the Project Plan:
o Critical Maintenance
* Masonry
* Shoring
* Utility Trenching
o Environmental Remediation
* Asbestos Abatement
o Fire Suppression
* Fire water
* Wet fire sprinkler
* Fire alarm system
o Utilities and Infrastructure
* Water utilities
* Sanitary sewer
* Storm sewer
* Paving/Misc concrete
* As proposed, the applicant is requesting $943,103.64 in TIRZ funding to offset the cost of this development project.
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ 1 funds for qualified critical maintenance activities shall be limited to $100,000 per qualifying project and shall be considered on a 50/50 match. The allocation and/or awarding of TIRZ ...
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