Title
Consider/Discuss/Act on Resolution Authorizing the Formation of McKinney Franklin Branch Development, LLC, ("The Co-Developer") in Connection with The McKinney Housing Finance Corporation Multifamily Housing Revenue Bonds (Franklin Branch Apartments), Series 2026; Authoring the Designation of the Corporation as the Sole Member of the Co-Developer; Approving the Form and Substance of a Limited Liability Company Agreement and the Execution Thereof; Ratifying Certain Actions Heretofore Taken in Connection with the Co-Developer; Authorizing the Execution of Documents and Instruments Necessary or Convenient to Carry out the Purposes of this Resolution; and Containing other Provisions Relating Thereto
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: April 10, 2026
DEPARTMENT: Housing and Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
Margaret Li, Director of Housing and Community Development
RECOMMENDED BOARD ACTION:
* Approve Resolution.
ITEM SUMMARY:
* On December 13, 2024, NRP Holdings LLC (the "Developer"), was selected as the co-development partner for the McKinney Housing Finance Corporation (MHFC) Request for Qualifications (RFQ). The Developer is proposing a 100% affordable, 288-unit multifamily housing development to be located on an approximately 15.7-acre site on the southwest corner of FM1461 and Baxter Well Road known as the Franklin Branch Apartments (the "Project").
* The proposed Resolution authorizes the legal creation of the McKinney Franklin Branch Development, LLC, which will serve as the Co-Developer for the Franklin Branch Apartments.
* The Resolution designates the McKinney Housing Finance Corporation (the "Corporation") as the sole member of this new Co-Developer entity and approves the form and substance of the Limited Liability Company Agreem...
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