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 Catalyst projects.
• Projects that have received funding from TIRZ No.1 are listed below:
Vacant/Underutilized Sites/Buildings
§ 407/415 E. Louisiana Street - $25,000 (FY2021-2022)
§ 129 S Tennessee Street - $14,500 (FY2020-2021)
§ 119 S. Tennessee Street - $22,630 (FY2020-2021)
§ 112 N. Tennessee Street - $25,000 (FY2020-2021)
§ 113 N Kentucky Street - $7,545.38 (FY2020-2021)
§ 110 E. Louisiana Street (Fire Suppression 50/50) - $26,182.50 (FY2020-2021)
§ 119 W. Louisiana Street - $25,000 (FY2020-2021)*
§ 206 E. Louisiana Street - $25,000 (FY2019-2020)
§ 501-601 E. Louisiana Street - $14,000 (FY2019-2020)
§ 117 W. Louisiana Street - $25,000 (FY2019-2020)*
§ 120 W. Louisiana Street - $7,185 (FY2019-2020)
§ 407-415 E. Louisiana Street - $25,000 (FY2019-2020)
§ 358 W. Louisiana Street - $25,000 (FY2018-2019)
§ 100 E. Louisiana Street - $25,000 (FY2018-2019)
§ 102 N. Tennessee Street - $21,068.49 (FY2018-2019)
§ 110 N. Tennessee Street - $25,000 (FY2018-2019)
§ 205 W. Louisiana Street - $25,000 (FY2017-2018)
§ 207 E. Virginia Street - $16,825 (FY2017-2018)
§ 101 Louisiana Street - $25,000 (FY2015-2016)
§ 214 E. Louisiana (Hope Hardware) - $25,000 (FY2015-2016)
§ 214 E. Louisiana (Hope Hardware) - $25,000 (FY2014-2015)
§ Cotton Mill - $500,000 (FY2014)
*project not completed
o Meritorious Exception
§ 101 W Louisiana Street - $80,000 (FY2020-2021)
FINANCIAL SUMMARY:
• This item will require a budget amendment to the TIRZ 1 fund under a separate agenda item.
• The current TIRZ#1 Fund Balance is approximately $6.3 million.