Title
Consider/Discuss/Act on Approving NRP Lone Star Development, LLC as the Qualified Developer selected from the Request for Qualifications for Future Affordable Housing Development Utilizing Public Private Partnership with the McKinney Housing Finance Corporation
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
1A: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential and open space
MEETING DATE: December 13, 2024
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
* On behalf of the McKinney Housing Finance Corporation (MHFC), the City issued a request for qualifications (25-04RFQ) seeking an experienced real estate developer (the "Co-Developer") to maximize the resources available for affordable housing purposes within the City of McKinney.
* The RFQ was issued on September 22, 2024.
o Advertised in McKinney Courier Gazette
o Posted on McKinney TV
o Posted on City of McKinney Website
* In response to all notices published, four (4) submissions were received prior to the deadline of October 10, 2024.
* An evaluation team comprised of MHFC board members, City Council, and city staff reviewed and ranked the submissions based on the following evaluation criteria listed within the RFQ:
Evaluation Factors
Points
Development Team
15
Development Experience
15
Project Specific Experience
15
Financing Experience
15
Financing Strategy
15
Financing Structure and Share of Development Fee and Cash Flow|1010|Financial Responsibility
10
References
10
* Based on the evaluation results, the MHFC Subcommittee has deemed NRP Lone Star Development, LLC as the most qualified developer for this project.
BACKGROUND INFORMATION:
* On August 9, 2024, the MHFC appointed three board members to the MHFC Subcommittee.
* On September 13, 2024, the MHFC approved and referred to City Council the RFQ for future a...
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