Title
Conduct a Public Hearing and Consider/Discuss/Act on a Request Submitted by District 121, LLC to Amend the Loan Agreement for Project #20-08 to Increase the Grant Amount by Eight Hundred Fifty-Seven Thousand Six Hundred Forty-Three and NO/100 Dollars ($857,643.00) to Bring Total Project Cost to Two Million Eight Hundred Ninety-Seven Thousand Eight Hundred Ninety-Three and NO/100 Dollars ($2,897,893.00). Additional Project Expenses Reported Due to Increased Material Costs and Expanded Project Scope that Includes Increased Size of Park, Installation of Artificial Turf and Restrooms at The Commons at District 121. Extension on the Term of the Loan from September 24, 2022 to August 31, 2023 is Requested.
Summary
COUNCIL GOAL: Enhance Quality of Life in McKinney
(5A): Create affordable recreational and cultural arts activities for all ages throughout the city;
(5E): Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: April 28, 2022
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
* District 121, a single purpose limited liability company formed specifically for development of the property located at SRT and Alma Road has submitted an application requesting an amendment to an economic development project grant awarded in 2020 for the development and construction of a privately owned and maintained, publicly accessible open space and landscaped area (The Commons at District 121) within the mixed-use development at that location. Total awarded in May 2020 was $2,040,250.
* This request would amend the existing project grant and loan agreement by increasing funding by $857,643, bringing the total grant amount to $2,897,893.
* This request is for additional expenses resulting from increased material costs and expanded project scope including a larger park area, artificial turf installation instead of grass and the addition of restrooms behind the stage.
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