McKinney | January 2024

Government

City leaders chose M2G Ven- tures as the potential partner for the redevelopment of four city-owned downtown properties at a Jan. 2 meeting. The resolution to create an acquisition and development agreement with the firm was approved in a 4-3 vote, with Mayor Pro Tem Charlie Philips along with council members Michael Jones and Rick Franklin voting against. The details The selection was made following presentations from three development firms at a Nov. 28 special meeting. City Council members initially declared their intention to pursue a public-private partnership for the redevelopment of five blocks in downtown in early 2023. The properties include the existing City Hall building along with the development services building and two neighboring parking lots. Diving deeper M2G Ventures is a woman-owned development firm based in Fort Worth with City to pursue partnership with M2G Ventures

"If we can’t get to an agreement, one that we feel embodies what the community is expecting and looking for, ... we will be back at the table and be opening discussion with another one of the parties that have ... made it to this round."

GEORGE FULLER, MCKINNEY MAYOR

experience in public-private partnerships. The presentation by M2G Ventures representatives included a proposal for a mixed- use project featuring multifamily residential, a boutique hotel, retail and restaurant spaces as well as additional parking. However, the presented concept plans are conceptual and could change during negotiations, Assistant City Manager Kim Flom said at the meeting. Looking ahead City staff will work with the selected firm to develop an acquisition and development agreement in the coming months. If the council members choose to move forward with M2G Ventures following the six-month period and an agreement is reached, the project execution could begin in late 2024 or early 2025, Flom said.

Bond recommended for May ballot

McKinney City Council heard a recommendation to move forward with a $485.5 million municipal bond at a Dec. 19 meeting. The last day to call the bond election is Feb. 17, according to the Texas Secretary of State’s website. The details The 36-member bond com- mittee recommended moving

forward with calling the bond election, according to committee spokesperson John Prudich. The proposed bond includes a number of city projects that are currently unfunded, including city facility renovations, road- way improvements, parks and recreation projects.

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