Title
Consider/Discuss/Act on a First Amendment to Chapter 380 Economic Development Program and Agreement by and between the City of McKinney, Texas and Craig Ranch Luxury Hotel SPE Owner LP
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: January 6, 2026
DEPARTMENT: City Manager
Legal
CONTACT: Paul G. Grimes, City Manager
Mark S. Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION: Approval
ITEM SUMMARY:
* This is an amendment to the June 3, 2025 Chapter 380 economic development agreement which would provide for the extension of certain deadlines to the financing and construction conditions of the Developer of a JW Marriott resort hotel in Craig Ranch. The Developer has requested a 120-day extension to obtain its equity financing of the Project. Related construction commencement and completion deadlines would also be extended by 120 days.
BACKGROUND INFORMATION:
* The City along with the MCDC and MEDC have been working with the owner/developer of this Project for the last eight (8) years to land a 5-star resort hotel at Craig Ranch.
* A Chapter 380 Economic Development Program and Agreement for the Project was executed on June 3, 2025 with the City. A Grant Agreement for the Project was executed on July 24, 2025 with the MEDC. A Grant Agreement, Loan Agreement, Promissory Note and Subordinate Lien Deed of Trust with Security Agreement and Assignment of Rents for the Project were executed by the MCDC and the Developer on July 10, 2025.
* The Project will contain the following components, at a minimum: 290 guest rooms, at least 51,575 square feet of hotel conference space, a resort-style pool with "lazy river", a fitness center, a three-meal restaurant and specialty restaurant, a lounge with terrace/pool seating and food/beverage service, pickleball courts, structured parking, valet and self-parking, a gift/sundries shop, a business center with at least forty-five (45) for-sale condominiums.
* If the Project c...
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