Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2020-2021 Annual Budget to Appropriate Funds in the Amount of $10,700,000 from McKinney Economic Development Corporation (MEDC) Fund Balance to the Economic Incentives Account for Project Handle
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: April 20, 2021
DEPARTMENT: MEDC
CONTACT: Peter Tokar, President
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the ordinance
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2020-2021 Annual Budget to provide funds for MEDC Project Handle in the amount of $10,700,000.
BACKGROUND INFORMATION:
• This project was approved by the McKinney Economic Development Corporation Board on March 27, 2020.
• The appropriation of MEDC fund balance for Project Handle was approved by the McKinney Economic Development Corporation Board on April 20, 2021.
FINANCIAL SUMMARY:
• This Ordinance amends the Fiscal Year 2020-2021 Annual Budget to appropriate funds, in the amount of $10,700,000, from MEDC fund balance to account 059-1257-463-8660, Economic Incentives.
BOARD OR COMMISSION RECOMMENDATION:
• McKinney Economic Development Corporation Board of Directors requests approval of this Ordinance.