Title
Conduct a Public Hearing and Consider/Discuss/Act on an Amendment to Project Grant 4B26-01 Awarded to Palladium McKinney Ranch, LTD, a Development of Palladium USA, in an Amount of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) to Include Acquisition of Land.
Summary
COUNCIL GOAL: 1: Direction for strategic and economic growth
1:1 Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
5: Enhance Quality of Life in McKinney
5.3: Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: August 27, 2026
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* McKinney Community Development Corporation will conduct a public hearing on an Amendment to Project Grant 4B26-01 awarded to Palladium McKinney Ranch on February 26, 2026, to include acquisition of land along with infrastructure improvements.
o Amount awarded was $2,500,000.00.
o Project elements of original award included infrastructure improvements related to the construction of McKinney Ranch Senior Living, an independent living multi-family development for seniors.
o Apartment units include 67% of units for residents at or below 60% AMI.
o Approval of the amendment would also allow funds to be used for land acquisition.
BACKGROUND INFORMATION:
* Palladium McKinney Ranch, Ltd. will be the owner of McKinney Ranch Senior Living. This partnership will be controlled by the larger development group Palladium USA, which is part of the Palladium Group.
* Palladium Group focuses on developing, owning, and managing high-quality multifamily housing. Its mission is to provide housing that supports thriving residents and communities.
* Palladium offers a diverse portfolio of developments including high-rise market-rate, mixed-income apartment homes for families, and independent senior living c...
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