Title
Conduct a Public Hearing and Consider/Discuss/Act on a Project Grant Application Submitted by Archstreet McKinney (#22-09) in the Amount of Two Hundred Fifty Thousand and NO/100 Dollars ($250,000.00) for Infrastructure Costs Related to Construction of a Select Service Hotel Located in District 121.
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(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:
• Archstreet McKinney is requesting MCDC funding participation in infrastructure construction costs associated with a select service hotel to be located within District 121 at the Southeast corner of Highway 121 and Alma Road.
BACKGROUND INFORMATION:
• The proposed hotel will be a four-story select service hotel with a fitness center.
• The hotel will serve as a complementary component of District 121. Areas open to the public will include the lobby, lobby bar, outdoor patio and elevated terrace over-looking the District 121 park.
• Upscale finishes in rooms will include deluxe bathroom with walk-in showers, luxury linens, closet, safe, moveable desk, large televisions, microwave, refrigerator and free Wi-Fi.
FINANCIAL SUMMARY:
• Funds allocated for FY22 for economic development Project Grants is $6,000,000 and $4,600,000 remains.
• The request is eligible for MCDC consideration under Section 501.152 of the Texas Local Government Code - definition of “project.”
ATTACHMENTS:
• Application Packet
• Presentation