Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2025-2026 Annual Budget to Provide Funds for the purpose of a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with The Parks Church for a Vacant/Underutilized Project at 129-131 S Tennessee Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: June 2, 2026
DEPARTMENT: Development Services - Planning Department
CONTACT: Cassie Bumgarner - Planning Manager
Lucas Raley - Director of Planning
RECOMMENDED BOARD ACTION:
* Approve one of the two attached ordinances, which will then be taken forward to City Council on June 16, 2026.
ITEM SUMMARY:
* There are two ordinance options for the TIRZ Board to discuss, either of which would fund the $453,439.57 Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with the Parks Church.
BACKGROUND INFORMATION:
* At the May 5, 2026 TIRZ 1 meeting, the Parks Church requested TIRZ funding for their environmental remediation at the 129-131 S Tennessee site, which included removal of 5 underground gas tanks from a previous use on the site.
* The TIRZ Board funded The Parks Church in the amount of $453,439.57.
FINANCIAL SUMMARY:
* Each year $400,000 is allocated to the "Vacant/Underutilized Sites/Buildings" project category of Reinvestment Zone Number 1 to support project requests under this category. The current balance of funds in this account for FY26 is $279,000.
* The TIRZ Board has two options for the budget amendment:
o Fund the project by utilizing the remaining allocated funds in the "Vacant/Underutilized Sites/Buildings" balance ($279k) and supplement with general TIRZ 1 fund balance dollars ($174.4k). This would close out the allocation of funds under the "Vacant/Underutilized Sites/Buildings" project category for the remainder of the fiscal year.
o Fund the project entirely from the general TIRZ 1 fund balance. This would reduce the general f...
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