Title
Consider/Discuss/Act on a Resolution Adopting a Development Program Proposed by M2G Ventures, LLC. as Part of the Downtown Redevelopment Initiative and Directing the City Manager to Negotiate a Term Sheet and Comprehensive Development Agreement Based on the Proposed Development Program
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5B: Promote reinvestment activities and ordinance changes in Historic Downtown McKinney that balance the preservation of historic character with current market needs)
MEETING DATE: November 19, 2024
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Approve the proposed resolution.
ITEM SUMMARY:
* Staff is proposing a resolution which, if approved, will adopt a development program proposed by M2G Ventures, LLC.'s ("M2G") and direct the City Manager to negotiate a term sheet and development agreement based on the proposed development program.
* M2G, McKinney's preferred development partner for the downtown redevelopment initiative, has been working to refine their proposed development program since first presenting their vision for the redevelopment of four (4) City-owned properties totaling approximately 4.75 acres in size, which are generally located between Herndon Street, Kentucky Street, Lamar Street, and Chestnut Street in the City's historic downtown and cultural district. The changes made to the proposed program since November 28, 2023, align with the Guiding Principles for the project, which were adopted by the City Council in March 2024.
* To move forward with negotiating a term sheet and subsequent comprehensive development agreement governing the use and development of the properties, M2G first needs to receive the City Council's adoption of their proposed development program.
* In general, the proposed development program includes a 6-story hotel with event and commercial spaces; a 3-5 story mixed-use ...
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