Title
Conduct a Public Hearing to Consider/Discuss/Act on a Request by the City of McKinney for TIRZ Funding for the Proposed East Louisiana Parking Lot Project
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5D: Promote reinvestment activities in McKinney's historic downtown that balance the historic character and current market needs)
MEETING DATE: January 5, 2021
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, AICP, Assistant City Manager
RECOMMENDED ACTION:
* Staff recommends approval of the proposed request.
ITEM SUMMARY:
* The City is requesting up to $3,500,000 in TIRZ funds for the East Louisiana Parking Project. The project includes property purchase, relocation expenses, design, and construction of a public parking lot.
* Companion agenda items are on the January 5th City Council agenda to amend the Capital Improvements Projects budget to transfer funds to the project and to approve the contract for the parking lot design.
BACKGROUND INFORMATION:
* TIRZ has the authority under Section 311 and Chapter 380 of the Texas Local Government Code to make loans or grants of TIRZ funds for the purposes of promoting local economic development and stimulating businesses and commercial activity within the TIRZ.
* Specific construction costs associated with proposed projects shall be eligible for funding from TIRZ No.1, subject to review and approval by the TIRZ Board.
Catalyst Projects
* State Highway 5 (McDonald Street) improvements
* Parking facilities
* Development of new buildings (or redevelopment of existing buildings) as mixed use/residential/civic projects
* Development of a major employment center that is supported by associated high density residential, retail, and entertainment uses that serve as an iconic/signature development within the community.
Vacant/Underutilized Sites/Buildings
* Relatively smaller projects (under $5.0 million) for the incremental redevelopment of vacant/underutilized Town C...
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