Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Negotiate an Agreement with a Preferred Development Team for the Redevelopment of Approximately 4.75 Acres of City-Owned Property in the Historic Downtown
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and Ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: January 2, 2024
DEPARTMENT: Development Services
CONTACT: Kim Flom, AICP, RLA, Assistant City Manager
Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Select a preferred development team and approve the resolution.
ITEM SUMMARY:
* Based on the evaluation of the Request for Qualifications (#23-38RFQ) submittals, interviews, and presentations to City Council, Staff recommends moving forward with an exclusive 180-day negotiation period with a preferred development team of the City Council's choosing, either Hines Interests, LP., M2G Ventures, LLC., or Nack Development, LLC., for the redevelopment of approximately 4.75 acres of City-owned property located on and around the property located at 222 N. Tennessee Street.
* During the exclusive negotiation period the preferred development team will use the 180-days to partner with the City to develop guiding principles for the development, a preferred development concept inclusive of public input, and development terms that will guide the drafting of a comprehensive agreement governing the development of the properties. By the end of this 180-day time period, the preferred development team will present their development proposal to the City Council for consideration. The City Council will also consider a proposed term sheet.
* The City Council's approval of the proposed resolution does not obligate the City to participate in a public/private partnership.
BACKGROUND INFORMATION:
* A Request for ...
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