Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Chapter 380 Economic Development Program and Agreement by and between the City of McKinney, Texas and Craig Ranch Luxury Hotel SPE Owner LP
Summary
MEETING DATE: June 3, 2025
DEPARTMENT: City Manager
Legal
CONTACT: Paul Grimes, City Manager
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
• Approval
ITEM SUMMARY:
• This is an economic development agreement which would provide incentives to a JW Marriott Resort Hotel in Craig Ranch upon satisfaction of certain conditions in the construction and operation of the project.
BACKGROUND INFORMATION:
• The City along with the McKinney Community Development Corporation (MCDC) and McKinney Economic Development Corporation (MEDC) have been working with the owner/developer of this project for several years to land a 5-star resort hotel at Craig Ranch.
• The project will contain the following components, at a minimum: 290 guest rooms, at least 51,575 square feet of hotel conference space, a resort-style pool with “lazy river”, a fitness center, a three-meal restaurant and specialty restaurant, a lounge with terrace/pool seating and food/beverage service, pickleball courts, structured parking, valet and self-parking, a gift/sundries shop, a business center with at least forty-five (45) for-sale condominiums.
• If the project conditions are met, the City would provide incentives comprised of ad valorem tax reimbursements, sales tax reimbursements and hotel tax reimbursements as well as state sales tax reimbursement available under the Texas Tax Code for qualified projects.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A