Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Lenroc Properties, LLC for the Roof Repair Project at 112 N. Tennessee Street
Summary
COUNCIL GOAL: Enhance the quality of life in McKinney
MEETING DATE: September 27, 2022
DEPARTMENT: Development Services - Planning Department
CONTACT: Paula Jarrett Nasta, AIA, Planning Manager
Jennifer Arnold, AICP, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff Recommends approval of this agreement and resolution.
ITEM SUMMARY:
* The proposed agreement with Lenroc Properties, LLC and the City of McKinney is intended for the primary purpose of assisting with expenses for a roof repairs.
* The project, located at 112 N. Tennessee Street, is a TIRZ-eligible project in the approved Project Plan of TIRZ No. 1. The project falls under the category of Vacant/Underutilized Sites/Buildings as defined in the TIRZ Project Plan.
* Under the policy governing allocation and/or awarding of TIRZ No. 1 funds for critical maintenance projects, reimbursement and or grant requests are limited to the lesser of grant/reimbursement or $50,000 per project and shall be considered on a 50/50 match basis up to $50,000 matched for qualifying vacant/underutilized sites/buildings during each fiscal year.
* Items considered critical maintenance include, structural and foundation repairs, roof repair or replacement, gutters, mechanical, electrical, and plumbing upgrades or replacement.
* The applicant is requesting an economic development grant of $9,975 to assist with the $19,950 in estimated expenses associated with roof repairs for 112 N. Tennessee Street.
BACKGROUND INFORMATION:
* The building, constructed circa 1895, is part of the historic Shain Block on the east side of the square.
* The building is considered 'contributing' to the McKinney Commercial National Register Historic District.
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