Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Special Warranty Deed from the City of McKinney, Texas, a Texas Home-Rule Municipal Corporation to the McKinney Housing Finance Corporation, a Texas Non-Profit Corporation
Summary
COUNCIL GOAL: Goal #1.1: Provide a Strong Economy by Creating a Global Housing Strategy and Facilitating a Balance Between Industrial, Commercial, Residential, and Open Space.
MEETING DATE: November 4, 2025
DEPARTMENT: Housing and Community Development Department
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Housing and Community Development Director
RECOMMENDED CITY COUNCIL ACTION:
* Approve Resolution executing a Special Warranty Deed for the city-owned property at the corner of North Lake Forest Drive and Summit View Drive to the McKinney Housing Finance Corporation (MHFC) for the purpose of developing a Community Land Trust (CLT).
ITEM SUMMARY:
* The city currently owns 3.622 acres on the southwest corner of North Lake Forest Drive and Summit View Drive.
* Staff's preliminary review of the property estimates that approximately 20 affordable townhomes can be developed with two small pocket parks located at the north and south end of the site.
* The proposed site was rezoned from Office District (O1) to Planned Development District (PD) to allow the proposed single family residential use. A Development Agreement and future Right Of Way reservations will also be needed to develop the site.
* As the next step, staff will initiate a Request for Proposals to select a real estate co-developer to partner with the MHFC to complete the land use entitlements, engineering plans, infrastructure development, architectural design, vertical construction, and home sales support.
BACKGROUND INFORMATION:
* The MHFC is a non-profit corporation established pursuant to the Texas Housing Finance Corporations Act, Tex. Loc. Gov't Code Chapter 394, for the purpose of financing the c...
Click here for full text