Discuss Capital Improvement Projects Eligible for Funding under the Transportation Infrastructure Initiative and Economic Development Program by McKinney Economic Development Corporation and McKinney Community Development Corporation Sales Tax Revenues for FY 2025-2026

Summary

This item discusses capital improvement projects eligible for funding under the Transportation Infrastructure Initiative and Economic Development Program, utilizing sales tax revenues from the McKinney Economic Development Corporation (MEDC) and McKinney Community Development Corporation (MCDC) for Fiscal Years 2025-2026. The program, established by Resolution No. 2022-06-088(R), allows these corporations to fund transportation infrastructure that promotes new or expanded business enterprises. Eligible projects are identified in the City's Master Thoroughfare Plan as Principal Arterial, Major Arterial, Greenway Arterial, or Minor Arterial, or those providing direct access to specific land uses designated for economic development. The attached presentation lists numerous projects with a total estimated cost of $146,029,942, including significant road expansions like Ridge Road, Collin McKinney Parkway, and Eldorado Parkway, as well as intersection improvements and bridge construction. The funding methodology, "Option 3", allocates 50% of MEDC/MCDC sales tax revenue exceeding the FY 2021-22 baseline (estimated at $40,000,000) to this program, capped at $0.25 of total sales tax received.

Citizen Impact

Residents can expect improvements to major roadways and intersections that support economic growth and business development. These projects, funded by dedicated sales tax revenues, aim to enhance transportation efficiency for businesses and potentially attract new enterprises, which could lead to job creation.

Confidence

high