Title
Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Hope Hardware, LP for the Hope Hardware Building Rehabilitation Project (Critical Maintenance/Fire Suppression Project) Located at 214 East Louisiana Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5C: Promote reinvestment activities and ordinance changes in McKinney's historic downtown that balance preservation of historic character and current market needs)
MEETING DATE: November 5, 2024
DEPARTMENT: Development Services - Planning Department
CONTACT: Jennifer Arnold, AICP, Director of Planning
Cassandra Bumgarner, Planning Manager
Cameron Christie, Planner I
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant requests an economic development grant from Reinvestment Zone Number One in support of a rehabilitation project at 214 East Louisiana Street (Hope Hardware Building). The request is to assist specifically with the following TIRZ 1 eligible expenses under the Vacant/Underutilized Sites/Buildings project category of the Project Plan:
* Critical Maintenance
o Foundation Repair
o Historic Floor Repair
o Mezzanine Support Construction
* Fire Suppression
o Riser Room Construction
o Stair Reorientation to meet Fire Code
* As proposed, the applicant is requesting $21,295.92 in TIRZ funding to offset the full cost of the rehabilitation project.
* Per the TIRZ Administration Policy, the allocation and/or awarding of TIRZ No. 1 funds for both critical maintenance and fire suppression expenses shall be limited to the lesser of the grant/reimbursement of $100,000 per qualifying project and should be considered on a 50/50 match basis. As the total project cost is $42,591.84, the applicant is requesting funding to cover 50% of that cost, $21,295.92.
FINANCIAL I...
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