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 Cocktail Creamery, LLC for a Critical Maintenance Project at 205 East Virginia Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney by promoting reinvestment activities and ordinance changes in Historic Downtown McKinney that balance preservation of historic character and current market needs.
MEETING DATE: June 6, 2023
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 the Chapter 380 Economic Development agreement and Project Plan Implementation Agreement.
ITEM SUMMARY:
* The applicant is requesting an economic development grant from Reinvestment Zone Number One in support of the rehabilitation at 205 East Virginia Street (Cocktail Creamery). The request is to assist specifically with the following TIRZ 1 eligible activities under the Vacant/Underutilized Sites/Buildings category of the TIRZ No. 1 Project Plan:
* Critical Maintenance
o Plumbing replacement and upgrades
* The total cost for the rehabilitation at 205 East Virginia Street is estimated to be $100,000. The applicant requests a grant from Reinvestment Zone Number One in the amount of $10,462.50 to support plumbing upgrades and replacements.
BACKGROUND INFORMATION:
* Under Chapter 311 of the Texas Tax Code and Chapter 380 of the Texas Local Government Code, the TIRZ Board has the authority to make loans or grants of TIRZ funds for the purpose of promoting local economic development and stimulating businesses and commercial activity within the reinvestment zone.
* The proposed project(s) is an eligible project in the TIRZ No. 1 Project Plan under the category of Vacant/Underutilized Sites/Buildings, which is defined as "relatively...
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