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NEXT MEETING. ONE PM, WHEREAS 20 .
[Minutes of the McKinney Public Facility Corporation Meeting of November 15, 2022]
MOTION TO APPROVE SECOND. I. FACILITY. I MOVED. TO WELL, WE FIRST HAVE TO WE ADDING MR[Consider/Discuss/Act on the Election of Officers for the McKinney Public Facility Corporation]
JONES. GOOD. BEFORE ELECTION OF OFFICE. I DON'T KNOW ALLEN IS THERE ELECTION OF OFFICERS FIRST OR DO WE APPOINT? HE'S BEEN APPOINTED APPOINTED FROM COUNCIL . WE DON'T NEED TO ACCEPT HIM.BUT IF WE DON'T WANT HIM, I'VE GOT SOME ISSUES. HARRIET TO ALRIGHT, SORRY. I THOUGHT I THOUGHT WE MAY HAVE TO ACCEPT NEED TO SPEAK WITH COUNCIL. I THINK, YEAH. AT LEAST GONNA.
YEAH JUST KIDDING HIM OUT THERE. ACKNOWLEDGEMENT WITHDRAW MY COMMENT. THE PARTICLES IMPORTANT. SECOND THAT'S MINE. CURRENT CHAIR. ALL RIGHT. ANY OF THAT. COMMITTED BY ELOPEMENT.
[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]
[Consider/Discuss/Act on a Funding Request Submitted by Palladium USA for the Palladium McKinney Project at Virginia Parkway and Carlisle Street]
HOUSING. BILL AHEAD, CONSIDER. AS WELL. ZERO. FIVE.GOOD EVENING MEMBERS OF THE MCKINNEY PUBLIC FACILITY CORPORATION BOARD. I'M JENNY TEKIN, DIRECTOR OF HOUSING COMMUNITY DEVELOPMENT. AND WE ARE HERE THIS EVENING TO DISCUSS THE REQUEST. FOR FUNDING FROM THE MCKINNEY PUBLIC FACILITY CORPORATION FOR OR THE REMNANT ONE AND TWO PROJECT AND ALSO THE PALLADIUM PROJECT. THE CITY RECEIVED $2 MILLION AT THE CLOSING OF THE JEFF JEFFERSON VERDONK PROJECT, WHICH WAS A CO DEVELOPMENT WITH THE PUBLIC FACILITY CORPORATION. THAT $2 MILLION 1.8 HAS BEEN REQUESTED FROM THE REMNANT PROJECT. 1.5 HAS BEEN REQUESTED FROM THE PALLADIUM PROJECT, AND THOSE ARE BOTH AFFORDABLE HOUSING DEVELOPMENTS WITHIN THE CITY OF MCKINNEY. BOTH PROJECTS REQUIRE FUNDING COMMITMENTS PRIOR TO CLOSING THIS SUMMER. BYLAWS OF FUNDS RECEIVED BY THE MCKINNEY PUBLIC FACILITY CORPORATION REPLACED IN THE GENERAL FUND FOR FUTURE APPROPRIATION BY MCKINNEY CITY COUNCIL. AND YOU CAN SEE WHAT THE APPROPRIATION OF THE PFC FANS REQUIRES BY ORDINANCE. SO A LITTLE BIT. I WILL GO THROUGH PALLADIUM, AND THEN WE'LL LOOK AT THE REMNANT ONE AND TO PROJECT THE PLATE IN MCKINNEY PROJECT IS LOCATED IN THE NORTHEAST QUADRANT OF VIRGINIA AND CARLISLE. THE PROPOSED SITE HAS A $45 MILLION PROJECT COST. FOUR STORY. MULTI FAMILY 100 SAYS 100 AND 70 UNITS HERE I BELIEVE IT'S 100 AND 72 UNITS AND THESE ARE ALL AT 60% OR AMI OR LESS. IT IS ALSO A PROPOSED DEVELOPMENT WITH THE MCKINNEY HOUSING FINANCE CORPORATION. THEY HAVE THEIR ZONING SECURED. AND THEY ARE EXPERIENCING $1.5 MILLION FINANCING GAP. BOTH OF THESE
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PROJECTS HAVE ALSO APPLIED FOR FUNDING TO THE MCKINNEY COMMUNITY DEVELOPMENT CORPORATION. AT THEIR LAST MEETING, THEY WERE BOTH APPROVED FOR FUNDING WITH THE CONTINGENCY THAT IF ONE OR THE OTHER RECEIVES FUNDING FROM THE PFC THAN THAT ONE WON'T RECEIVE FUNDING FROM NCDC, SO BASICALLY, UM. THE PUBLIC FACILITY CORPORATION CAN SELECT REMNANT OF GRAIN WOOD OR THE PUBLIC FACILITY CORPORATION CAN SELECT PALLADIUM TO FUND OR FUND, BOTH OF THEM AT SMALLER AMOUNTS. WHATEVER YOU WOULD LIKE TO DO, ADMINISTRATIVELY STAFF WOULD WOULD RECOMMEND CHOOSING ONE OR THE OTHER DC, MAKING INDICATION THAT THEY WOULD HOLY FUN THERE, GAP AND FINANCING. OF EITHER THAT IS CORRECT. THAT IS CORRECT IN THE THAT MH FC IS CO DEVELOPER OF PALLADIUM MIGHT MAKE MORE SENSE FOR THE PFC. YES UM, FROM AN ADMINISTRATIVE STANDPOINT, YES, THAT THAT WOULD PROBABLY FROM A STAFF STANDPOINT , THAT WOULD BE WOULD BE PREFERABLE. THIS IS THE REMNANT ONE PROJECT, WHICH IS LOCATED OFF FIT SHOE. THERE ARE CURRENTLY UNITS ON THE GROUND THERE. AND FOR THE NEW DEVELOPMENTS SO IT WILL BE COMPLETELY REDEVELOPED $30 MILLION TOTAL PROJECT COSTS FOR BOTH SIDES, SO THAT'S FOR REMNANT TO AND REMNANT ONE. FOR REMNANT ONE. IT WILL BE TWO STORY MULTI FAMILY 46 1 TO 4 BEDROOM UNITS AVAILABLE THE 60% AND MIRA BELOW, AND EXISTING RESIDENTS WOULD NOT PAY MORE THAN THEY ARE CURRENTLY PAYING. SO IT WOULD BE 30% OR BELOW. UM AM I. THEIR ZONING IS IN PROGRESS, AND THEY ARE EXPERIENCING $1.8 MILLION FINANCING GAP. SO THAT WAS THEIR ASKED NCDC AND ALSO TO THE PUBLIC FACILITY CORPORATION. YOU CAN SEE THE SITE HERE. REMNANT TWO, WHICH IS LOCATED OFF OF THROCKMORTON. THIS IS WHERE THE EXISTING SITE IS. AND FOR REMNANT TO IT WILL BE A THREE STORY MULTI FAMILY WITH 50 UNITS . 1 TO 4 BEDROOM, SAME FINANCING STRUCTURE AND SAME AFFORDABILITY . 60% AM I 30% OR LESS TO EXISTING RESIDENTS? THE ZONING ON THIS ONE IS ALSO IN PROGRESS. IT IS A $1.8 MILLION FINANCING GAP FOR BOTH SIDES, SO IT'S BEING TREATED AS ONE PROJECT AND ONE FINANCING. AND YOU CAN SEE SPECIFICALLY WHERE THE WHERE THE TWO SIDES ARE THERE. AND HERE IS THE PROJECT PROGRAM. COMPARISON YOU CAN SEE THE NUMBER OF 123 AND FOUR BEDROOM UNITS TOTAL UNITS. NUMBER OF AFFORDABLE UNITS. THESE ARE BOTH 100% AFFORDABLE PROJECTS. THE MAXIMUM AM I AM FOR REMNANT WOULD BE WOULD BE 60% FOR THE NON PUBLIC HOUSING UNITS AND 30% FOR THE EXISTING PUBLIC HOUSING UNITS. 30% RESERVED FOR EXISTING TENANTS, AND THEN THE IT COULD POTENTIALLY SHIFTED 60% ONCE THOSE TENANTS MOVE OUT. TONIGHT FOR THE EXISTING RESIDENTS AT THE REMNANT. WHAT'S GOING TO HAPPEN BECAUSE THEIR EXISTING PLACE I'M TAKING IT IS GOING TO GET TORN DOWN. ULTIMATELY WHEN THIS MOVES FORWARD WHAT HAPPENS TO THEM SO THEY WILL BE COVERED UNDER THE HEAD UNIFORM RELOCATION ACT. WITH WOULD YOU LIKE TO SPEAK TO THAT MISS MILLER ON THEIR RELOCATION? EXECUTIVE DIRECTOR OF MCKINNEY HOUSING AUTHORITY, ROSALIND MILLER. COUNCILMAN THANK YOU FOR THE OPPORTUNITY TO SPEAK ON BEHALF OF THE MCKINNEY HOUSING AUTHORITY RESIDENTS UNDER THE UNIFORM RELOCATION ACT, AS WE'VE DONE WITH THE PREVIOUS TO RE DEVELOPMENTS ALL RESIDENTS OR SHOULD THE OPPORTUNITY TO RELOCATE. THEY'LL HAVE A TEMPORARY RELOCATION VOUCHER. WE'RE ALREADY WORKING WITH OUR PROGRAM. VOUCHER HOLDERS AND OWNERS IN THE COMMUNITY PEOPLE HAVE ALREADY SUBMITTED TO US RESIDENTS AND VACANCIES THAT ARE AVAILABLE TO THEM. THE RESIDENTS ARE READY TO GO, SO EVERYBODY WILL HAVE A PLACE TO STAY, JUST LIKE THEY DID WITH THE 86 UNITS. WE REDEVELOPED AND ALSO THE 64 UNITS WE NEED TO NOW. THANK YOU, MA'AM. THANK YOU, SIR. HMM. END. I DON'T KNOW WHAT IT'S LIKE. AND THERE ARE NO AND I'M HERE TO STAND FOR ANY QUESTIONS THAT YOU[00:10:18]
MIGHT HAVE. I THOUGHT THERE WAS MORE VERY GOOD. UH I JUST WANT TO MAKE SURE FOR RECORD PURPOSES THAT AH, EITHER ONE OF THESE ORGANIZATIONS ARE GOING TO BE OFFERED, UH, SOME FORM OF LOAN AGREEMENT FROM A CITY ENTITY AND THAT THIS BOARD IS NOT PICKING A WINNER IN THIS, WHERE SIMPLY MAKING SURE THAT FUNDS ARE AVAILABLE FOR BOTH PROJECTS BECAUSE BOTH PROJECTS MEAN A LOT TO THE WORKING CLASS. MCKINNEY THAT IS CORRECT. THAT IS CORRECT. HAVE ANY QUESTIONS OR COMMENTS THAT MYSTIQUE? NO, I JUST HAVE A MOTION IF THERE'S NOT THE COMMENT. GOING TO REMAKE THE MOTION, OR I MEAN, MAKE THE MOTION THAT WE FINANCE OR OR BRIDGE THE GAP FOR PALLADIUM.AND I PICKED PALLADIUM SPECIFICALLY BECAUSE OF THE CURRENT CODE DEVELOPMENT PARTNERSHIP WITH THE CITY ENTITY, ADMINISTRATIVELY THE BENEFIT THERE. UM AND OF COURSE, WILL BE COMMITTED TO BRIDGE THE GAP FOR REMNANTS. SO MY MOTION IS TO FUND THE GAP FOR PALLADIUM. I'LL SECOND. I SHOULD HAVE MADE BY MIRROR. FULLER SECOND BACK, COUNCILMAN FRANKLIN ALL IN FAVOR. AYE, ANY OPPOSED? MOTION PASSES UNANIMOUSLY. THANK YOU VERY MUCH MISTAKEN. THERE IS NO ITEMS ON EXECUTIVE SESSION AND SO I WILL ACCEPT THE MOTION TO A GERM SECOND. OCEAN BACK COUNCILWOMAN FELT THIS SECOND BY MAYOR OF FULLER. ALL IN FAVOR. I POSED. WE ARE HEREBY ADJOURNED.
THANK YOU VERY MUCH. I SEE YOUR PICTURE.
* This transcript was compiled from uncorrected Closed Captioning.