Title
Consider/Discuss/Act on a Funding Request Submitted by Knight Development for the McKinney Housing Authority Remnant at Greenwood I and Remnant at Greenwood II Projects
Summary
COUNCIL GOAL: 1: Direction for Strategic and Economic Growth
MEETING DATE: June 6, 2023
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Director of Housing and Community Development
Kim Flom, Assistant City Manager
ITEM SUMMARY:
* Two developers have recently submitted requests to utilize McKinney Public Facilities Corporation funding.
* ?Both projects also submitted the same funding requests to the McKinney Community Development Corporation.
* ?The Knight Development submittal requests $1,800,000 to fill a financing gap for The Remnant at Greenwood I and II projects.
BACKGROUND INFORMATION:
* In 2022, the City of McKinney established the McKinney Public Facilities Corporation (MPFC) to support the development of the Jefferson Verdant Project.
* ?The agreement for the Jefferson Verdant project provides for payments to the MPFC. The City received $2,000,000 at the closing of the project.
* ?The City has received a funding request from Knight Development in the amount of $1,800,000 to fill a financing gap in The Remnant at Greenwood I and II projects.
* The Remnant at Greenwood I and II projects are being developed in partnership with the McKinney Housing Authority in order to convert the last McKinney Public Housing Units into affordable units.
* ?The project proposes to demolish the two existing developments (46 total units), and replace them with new and additional units (96 total units).
* ?The McKinney Housing Finance Corporation has approved a request from The Remnant at Greenwood I and II to issue bonds for the project.
* ?At their meeting on May 25, the McKinney Community Development Corporation approved funding for both projects, with the stipulation that if either project receives alternative funding, then the funded ...
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