Title
Consider/Discuss TIRZ #1 Program and Downtown Business Support
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: May 18, 2021
DEPARTMENT: Development Services - Planning Department
CONTACT: Mark Doty, Assistant Director of Planning
Kimberly Flom, Assistant City Manager
ITEM SUMMARY:
• Per Council’s request, Staff is placing this item to discuss possible business support during public construction projects using TIRZ 1 funds.
• The City of McKinney and Main Street has utilized several programs to assist downtown businesses during ‘Light Up Louisiana’ project including:
o Bi-weekly “Coffee with the Contractor”
o Pedestrian access accommodations
o Downtown events coordination
o Main Street business promotions (Construction Coupons)
o Enhanced wayfinding and business signage
• There are several options that support downtown businesses under the Vacant/Underutilized Sites/Buildings category:
• Environmental remediation, interior/exterior demolition, historic façade restoration improvements/easements
• Street, utility, and streetscape improvements
• Land acquisition
• Critical maintenance
• Fire suppression
• Any changes to the TIRZ 1 policy would require amendments to the TIRZ 1 Project Plan.
FINANCIAL SUMMARY:
• TIRZ #1 Fund Balance -
o The TIRZ #1 Fund currently has a balance of $3.3 million.
o The TIRZ #1 Fund is estimated to have approximately $6.0 million at year-end if this request is approved.
BOARD OR COMMISSION RECOMMENDATION:
• N/A