Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Relating to the "McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA)," including the Approval of the Resolution of the Board of Directors of the Corporation Authorizing the Issuance of Such Bonds; Resolving other Matters Incident and Related to the Issuance of Such Bonds; and Providing an Effective Date
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements.
MEETING DATE: March 3, 2026
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Mark Holloway, CFO
Cindy Schneible, MCDC
ITEM SUMMARY:
* The Resolution approves the MCDC Board to receive up to $30 million dollars in a TIFIA Loan that will be used to refund the McKinney Community Development Corporation Sales Tax Revenue Bonds, Taxable Series 2025 in the amount of $30.170 million, issued in 2025 to finance improvements to the McKinney National Airport including construction of passenger terminal facilities.
* The Resolution also allows the MCDC Board to approve the terms and conditions of the TIFIA agreement, substantially in the form presented, with such modifications thereto as the Pricing Officer shall approve.
* Additionally, approval of this resolution will authorize the Chairman or Vice Chairman of the Board of Directors of the Corporation or the President of the Corporation to execute any and all documents needed to effect the transaction.
BACKGROUND INFORMATION:
* The Loan will be used to pay the majority of the costs of refunding the Bonds issued in 2025 in conformity with the Constitution and laws of the State of Texas.
* McKinney Community Development Corporation will contribute the remaining balance to fully refund the 2025 Bonds.
* McKinney Community Development Corporation's bond rating is AA.
FINANCIAL SUMMARY:
* The Loan wil...
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