Title
Consider/Discuss/Act on an Extension to the Term of the Loan Agreement for Project 4B24-03, Awarded to the City of McKinney, Engineering Department for Chestnut Elevated Storage Tank Improvements, to June 30, 2026.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1D: Leverage the existing partnerships MCDC.
MEETING DATE: June 26, 2025
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• MCDC Project Grant 4B24-03 was originally approved in May 2024 with a term expiring June 30, 2025.
• Delays resulted from the implementation of the bid process for the work to be done, so an extension for a period of one year is requested.
BACKGROUND INFORMATION:
• The Chestnut Elevated Storage Tank serves as an iconic landmark that leads visitors to the Historic Downtown McKinney and the redeveloping McKinney East Side.
• The tank was part of the city’s water distribution system from 1952 until 2003.
• The project to renovate the storage tank was initiated as a result of direction from City Council.
FINANCIAL SUMMARY:
• Funds allocated for FY25 for discretionary Project Grants is $7,459,257.
• The request is eligible for MCDC consideration under Section 505.152 of the Texas Local Government Code.
• In FY24, MCDC awarded City of McKinney Engineering Department $500,000 for Project 4B24-03.
SUPPORTING MATERIALS:
• Letter of Request