Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with B2 Property Leasing, LLC for 212 E. Louisiana Street Critical Maintenance Project.
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney by promoting reinvestment activities and ordinance changes in Historic Downtown McKinney that balance preservation of historic character and current market needs.
MEETING DATE: April 18, 2023
DEPARTMENT: Development Services - Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant is requesting an economic development grant from Reinvestment Zone Number One in support of the rehabilitation at 212 E Louisiana Street (Horse's Axe). The request is to assist specifically with the following TIRZ1 eligible project under the Vacant/Underutilized Sites/Buildings category of the TIRZ No. 1 Project Plan:
* Critical Maintenance
o Electrical repairs and upgrades
o Plumbing replacement and upgrades
o Structural reinforcement of 2nd floor
o Roof replacement at rear
o Gutter replacement at rear
BACKGROUND INFORMATION:
* Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas Local Government Code, the TIRZ Board has the authority to make loans or grants of TIRZ funds for the purpose of promoting local economic development and stimulating businesses and commercial activity within the reinvestment zone.
* The proposed project(s) is an eligible project in the TIRZ No. 1 Project Plan under the category of Vacant/Underutilized Sites/Buildings, which is defined as "relatively smaller projects (under $5.0 million) for the incremental redevelopment of vacant/underutilized Town Center sites or buil...
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