Title
Consider/Discuss/Act to Rescind Approval of Project #15-03 for Financial Incentives for Lincoln Property Company Commercial, Inc. in an Amount up to One Million Five Hundred Thousand Dollars and no/100 ($1,500,000) for Construction of a Privately-owned, Public-access Park in the Gateway Office and Retail Development
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: August 25, 2016
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• The McKinney Community Development Corporation will consider rescinding approval of Project #15-03, funding for a privately-owned, public-access park in the Gateway Office and Retail Development.
BACKGROUND INFORMATION:
• The City of McKinney, McKinney Economic Development Corporation and McKinney Community Development Corporation entered into a Chapter 380 Economic Incentive and Master Development Agreement for office and retail development in McKinney Gateway with Lincoln Property Company Commercial, Inc. on May 14, 2015.
• The McKinney Community Development Corporation approved funding for Project #15-03 in an amount of up to $1,500,000 for a privately-owned, public-access park in McKinney Gateway Office and Retail Development.
• On February 15, 2016, Lincoln Property Company Commercial, Inc. notified McKinney Community Development Corporation it was withdrawing from the project.
FINANCIAL SUMMARY:
• Board action to rescind approval of Project #15-03 will release the $1,500,000 in funds committed to Project #15-03 so they may be available for funding future Type B eligible projects in McKinney.