Title
Consider/Discuss/Act on a Resolution Extending the Term Sheet Negotiation Period with the Preferred Development Team for the Redevelopment of Approximately 4.75 Acres of City-Owned Property in the Historic Downtown
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: June 4, 2024
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
Kim Flom, AICP, RLA, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approve the resolution.
ITEM SUMMARY:
* On January 2, 2024, and based on the evaluation of the Request for Qualifications (#23-38RFQ) submittals, interviews, and presentations to City Council, approved a resolution entering into an exclusive 180-day negotiation period with M2G Ventures, LLC. ("M2G") for the redevelopment of approximately 4.75 acres of City-owned property located on and around the property located at 222 N. Tennessee Street.
* During this exclusive negotiation period, M2G and City were to develop guiding principles for the development, a preferred development concept inclusive of public input, and development terms that will guide the drafting of a comprehensive agreement governing the development of the properties.
* The guiding principles were adopted by the City Council on March 5, 2024. Since that time, Staff and representatives from M2G have been working to refine the proposed development program in order to formalize information needed to populate a term sheet. While good progress has been made, additional time is needed to finalize a term sheet before bringing it to the City Council for consideration.
* The proposed resolution extends the negotiating period with M2G to December 31, 2024. However, the goal is for a term sheet to be ready for the City Council's consideration an...
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