Title
Conduct a Public Hearing and Consider/Discuss/Act on a Project Grant Application Submitted by Palladium McKinney Ranch, LTD, a Development of Palladium USA (4B26-01), in an Amount of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) for Infrastructure Improvements Related to the Construction of McKinney Ranch Senior Living, a New Independent Senior Living Multi-Family Development with 109 Units, 72 Dedicated to Low-Income Seniors at 60% AMI or Below, Located at 5353 McKinney Ranch Parkway in McKinney, Texas. Amount Requested Represents 7.5% of Total Project Cost.
Summary
COUNCIL GOAL: 1: Direction for strategic and economic growth
1:1 Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space.
5: Enhance Quality of Life in McKinney
5.3: Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: January 22, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* McKinney Community Development Corporation will conduct a public hearing on a project grant application submitted by Palladium McKinney Ranch, LTD, a Development of Palladium USA, in an amount of $2,500,000.00 for infrastructure improvements related to the construction of McKinney Ranch Senior Living, a new independent senior living multi-family development.
* The development will have with 109 total units, with 81 dedicated to low-income seniors.
* The development received an award for 9% Housing Tax Credits in July 2025, allowing them to offer more deeply affordable units.
* McKinney Ranch Senior Living will serve income-qualified adults aged 62+ seeking safe, affordable, maintenance-free independent living.
* The 3.71-acre site will feature amenities including a resort-style pool, community garden, BBQ grills and picnic tables, library, theater room, dog park, and business center.
B...
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