Title
Consider/Discuss/Act on a Resolution Authorizing the Formation of McKinney Skyway Villas Development, LLC, ("The Co-Developer") in Connection with The McKinney Housing Finance Corporation Multifamily Housing Revenue Bonds (Skyway Villas), Series 2026; Authorizing the Designation of the Corporation as the Sole Member of the Co-Developer; Approving the Form and Substance of a Limited Liability Company Agreement and the Execution Thereof; Ratifying Certain Actions Heretofore Taken in Connection with the Co-Developer; Authorizing the Execution of Documents and Instruments Necessary or Convenient to Carry out the Purposes of this Resolution; and Containing other Provisions Relating Thereto
Summary
COUNCIL GOAL: Goal #1.1: Provide a Strong Economy by Creating a Global Housing Strategy and Facilitating a Balance Between Industrial, Commercial, Residential, and Open Space.
MEETING DATE: July 24, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED BOARD ACTION:
* Approve Resolution.
ITEM SUMMARY:
* The proposed Resolution authorizes the legal creation of the McKinney Skyway Villas Development, Limited Liability Company (LLC), which will serve as the Co-Developer for the Skyway Villas Apartments.
* The Resolution designates the McKinney Housing Finance Corporation (MHFC, the "Corporation") as the sole member of this new Co-Developer entity and approves the form and substance of the LLC Agreement, providing the legal framework for the entity's operations. As the Sole Member of the Co-Developer entity, the Corporation maintains direct involvement and oversight during the critical acquisition, construction, and leasing phases of the project.
* Creating a distinct LLC for development activities is a standard industry practice that provides an additional layer of legal and financial protection for the MHFC while fulfilling its mis...
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