Owners of four buildings in downtown McKinney are asking the city's downtown tax increment reinvestment zone for a combined $359,754 to help pay for restoration work, and city staff is recommending the board approve about $225,126 of it when it meets Tuesday, Oct. 20.
Each year $400,000 of Tax Increment Reinvestment Zone No. 1 money is set aside for vacant or underused sites and buildings, and this is the first meeting of the new fiscal year, so the full amount is available, according to staff reports for the meeting. The grants would be paid under Chapter 380 economic development agreements.
The four requests
113 S. Tennessee St.: Happymix Creperie is asking for $50,589.81 toward an $88,118.43 project that included asbestos abatement, interior demolition, three new energy-efficient windows and plumbing, electrical, flooring and roofing repairs. The work is already done, and the applicant served as its own main contractor, staff wrote. Staff recommends the full amount.
111 E. Virginia St.: The owner wants $17,774.48, the full cost of restoring five stained-glass panels on the façade with new lead and replacement pieces where glass is broken or missing. Staff says only one company qualified and available for the work could be found, and it recommends approval.
109 N. Kentucky St.: Shorty's McKinney LLC requested $91,390 after spending $718,264.14 on the building, including a kitchen hood fire-suppression system, removing rubble from the ceiling and façade work, all finished before it applied. Staff found some expenses were filed in the wrong categories and recommends $65,425.75 instead, an amount staff says the applicant has accepted.
101 N. McDonald St.: SWHU Ying Wang LLC is asking for $200,000 toward about $271,062 in HVAC, plumbing, electrical and roofing work plus exterior brick restoration, some of it already complete. Staff says the request exceeds the zone's funding policy, which would allow up to $91,336.16, and recommends denying the full ask while approving an amended agreement at the policy limit. The board can grant a larger amount through a "meritorious exception," which the policy caps at $200,000 with a 50% match.
