Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan for the 341 E Virginia Street, McKinney Metals Apartments Environmental Remediation 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: June 21, 2022
DEPARTMENT: Development Services- Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED TIRZ 1 BOARD ACTION:
* Staff recommends approval of this 380 Agreement.
ITEM SUMMARY:
* Columbus Partners is requesting a $500,000 TIRZ 1 grant for environmental remediation completed at the old McKinney Metals industrial site.
* This will be funded as a Catalyst project for environmental remediation of a Vacant or Underutilized Site.
* The new development will be a mixed-use development that aligns with the comprehensive plan of McKinney, the Town Center plan, and the McKinney Town Center Zoning district for the Transit Village Core character district.
BACKGROUND INFORMATION:
* The site is the past home of the McKinney Smelting and Junk companies.
* As result of the previous use of the site, environmental remediation is necessary to make if viable for new uses.
* The development team has completed 2/3 of the environmental remediation processes.
* The planned new development will be a mixed-use development that aligns with the comprehensive plan of McKinney, and the McKinney Town Center Zoning district for the Transit Village Core character district.
* Under the project plan for TIRZ #1, catalyst projects include the development of new buildings as mixed-use/residential/civiv projects or related projects with a direct community benefit.
* Expenditures for environmental remediation of Vacant/Underutilized Sites are applicable to Cat...
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