Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Showing Support for the Efforts of the McKinney Housing Authority to Partner with Presidium, to Construct a New Affordable Housing Development to be known as Cotton Mill Phase I
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth (1B: Provide a strong city economy by implementing a Global Housing Strategy with a focus on affordable housing and facilitating a balance between industrial, commercial, residential, and open space)
MEETING DATE: April 15, 2025
DEPARTMENT: Housing and Community Development
CONTACT: Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
* N/A
ITEM SUMMARY:
* McKinney Housing Authority (MHA) is seeking a letter of support from the City Council of the City of McKinney regarding the proposed construction of a new affordable housing development named the Cotton Mill Phase I:
o Located east of South McDonald Street at 610 Elm Street
o Includes the construction of a new apartment complex with a total of 257 units, being a mixture of studio, one-bedroom, two-bedroom, and three-bedroom units. The apartment complex will be comprised of 50% affordable units:
* Market Rate: 128 units (50% of total units)
* 80% AMI: 116 units (45% of total units)
* 30% AMI: 13 units (5% of total units)
* The affordable housing units are estimated to provide approximately $8.2 million in rental savings to the McKinney community over a 10-year period.
* The overall planned Cotton Mill project will include a total of four phases, approval of this resolution is limited to Phase I only.
* MHA will partner with Presidium.
* The MHA Board approved the public/private partnership on January 28, 2025.
* MHA will own the land beneath the development and provide a ground lease to a Texas limited partnership in which both MHA and Presidium will have ownership stake.
* MHA anticipates ad valorem tax exemption under Tex. Loc....
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