McKinney City Council members voted 6-1 to approve adding 15.7 acres to the TIRZ No. 1 boundaries during a June 16 meeting. The expansion will allow for the development of the Presidium Cotton Mill, a multifamily mixed-use project.

Background

The property being added is slated for development of the Presidium Cotton Mill, which could provide more than 1,100 multifamily units, office space, and retail. The project will be located on a 33-acre site directly south of the McKinney Cotton Mill and will be developed by Presidium in partnership with Cotton Mill Partners.

TIRZs are special financing districts that capture projected tax revenue increases within a defined area and reinvest those dollars into public improvements. McKinney has two TIRZ districts: TIRZ No. 1, which includes downtown McKinney and properties along SH 5, and TIRZ No. 2, which includes McKinney National Airport located east of SH 5.

What They’re Saying

Bob Roeder of McKinney-based law firm Abernathy Roeder Boyd Hullett spoke on behalf of the landowners that submitted the petition. The property was not initially included in the TIRZ boundaries because state law limits how much residential land can be included. However, state law allows landowners to bring it in by petition if it’s accepted by the council and the TIRZ board.

Original reporting: Community Impact — McKinney — read the source article.