Title
Conduct a Public Hearing and Consider/Discuss/Act on an Amended Retail Development Infrastructure Grant Application Submitted by ACM Virginia Holdings LLC (RI 24-08) in an Amount of Fifty Thousand and NO/100 Dollars ($50,000.00) to Install a New Sewer Connection, Replace the Parking Lot, and Replace the Main Electrical Panel at the Antique Company Mall Building Located at 213 E. Virginia Street in McKinney, Texas.
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
1C: Continue to develop a retail strategy for key areas of the community to diversify revenue sources and expand entertainment, dining and shopping options and tourism.
MEETING DATE: March 28, 2024
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Community Development Corporation will conduct a public hearing on a project grant application submitted by ACM Virginia Holdings for $50,000.00 for improvements at The Antique Company Mall.
• Project elements include the installation of a new sewer connection, excavation and replacement of parking lot, and replacement of the main electrical panel.
BACKGROUND INFORMATION:
• ACM Virginia Holdings has owned the Antique Company Mall since 2013, which encourages local entrepreneurs and provides space to approximately 115 dealers in its 15,000 square foot building.
• The Mall provides cashiers and various other services to its booth tenants.
• Their goal is to continually upgrade the facility and operations in order to continue the operations of a quality mall.
FINANCIAL SUMMARY:
• Funds allocated for MCDC Retail Development Infrastructure Grants total $300,000. Maximum award for any single grant is $50,000.
• This is the first time ACM Virginia Holdings has requested funding from MCDC.
• The request is eligible for MCDC consideration under Section 501.103 of the Texas Local Government Code.
SUPPORTING MATERIALS:
• Application Packet
• Presentation