[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6521909,"mediaKeyId","5080575-750ea5b32441e405d52354135d4ce0c3","parentId",5080575,"title","McKinney CDC holds public hearing on amended JW Marriott resort request; repayment of city loan remains unresolved","audioSeconds",1996,"startMs",1737000,"endMs",3733000,"viewUrl","/Search/View?dp=1&key=5080575-750ea5b32441e405d52354135d4ce0c3&start=1737&end=3733","thumbnailUrl","https://assets.pipeline.soar.com/5080575-750ea5b32441e405d52354135d4ce0c3/thumbnail_1737000.jpg","articleUrl","/articles/6521909/McKinney/Collin-County/Texas/McKinney-CDC-holds-public-hearing-on-amended-JW-Marriott-resort-request-repayment-of-city-loan-remains-unresolved","mediaUrl","https://secure.pipeline.soar.com/6521909-cd1d23f01c698b395b95b57372c57164/orig.mp4?Expires=1770436903&Signature=OJz7o0NRVZXjx882dyMbnnVNoft9UwkrytDEA2AWPyZuLaDC7JIQsGqnSrXch8OWu52~gOYZbJlNjwE1R9WTRWJ5kKQO~rbnITgOWDUxliZvdrxttGABWmbWS6Xkv-npDbiFvFqfxAhq0VH3ImaoiOgqaYq6Se9iAGDM6z8nJMQTaiEnG-Q2zbNCsQIlzXRY0oF3cIPNbzrIbwxTxPPx3hlYYB3QnPyfAwKxNiTKUnZaTkKbnNaN3Pfv1VlcYKOxzBDROM0N0Ri1VUs7-kaG1T3GLDm628b44io8q57cAavOjvfRpgSKHJI56vUp5XiCnXNE6MgI8LT~3jlzaf3COg__&Key-Pair-Id=KUT5TJCACFTXG","author","McKinney","date","2025-06-26T00:00:00Z","article","The McKinney Community Development Corporation on Thursday held a public hearing on an amended incentive package for a proposed JW Marriott luxury resort at Craig Ranch that requests a $25 million grant and a $10.25 million loan from MCDC to support a $325 million development. Developers and city officials described the project and left an outstanding question over whether condominium-sale proceeds should be required to repay the subordinate city loan.

The request was presented by Richard Stockton of Ashford Inc. and David Craig of Craig Ranch Luxury Hotel SPE. Stockton said the project would include approximately 290 hotel rooms, 48 condominium residences above the hotel, more than 50,000 square feet of meeting and convention space, a water-park-style amenity with a lazy river, a standalone restaurant, and about 600 parking spaces. Stockton estimated total project costs at $325,000,000 and said the development would rely on an incentive package that includes the MCDC grant and loan, a $2,000,000 EDC infrastructure grant, a Chapter 380 tax-rebate agreement with the city estimated at about $18,000,000 over 12 years, and a planned application to the state for roughly $30,000,000 in tax rebates over 10 years.

Why it matters: The project would add a large luxury lodging and meeting facility near Craig Ranch Golf Club, a development Stockton and Craig said would increase visitor capacity for conventions, tournaments and other events and produce recurring tax revenue. The scale of public incentives and the loan’s repayment triggers prompted detailed legal and financial questions from the board and city attorney.

Details presented and financing structure
Stockton said the financing plan calls for a $210,000,000 senior construction loan, with the MCDC subordinate loan of $10,250,000 to be funded at construction commencement and repaid on a refinancing or sale event or after an agreed term. He described the $25,000,000 MCDC grant as payable at certificate of occupancy. Stockton said Marriott International will contribute “key money” and that Ashford Inc., Craig Ranch interests and an equity partner (Horizon Capital) will supply the equity portion. The team projected an opening by April 30, 2029, with a construction commencement deadline of Dec. 31, 2026.

Outstanding repayment question
David Craig and the project legal team said the only unresolved negotiating point was the formal trigger for repayment of the MCDC subordinate loan. Mark Hauser, the city attorney, said the draft term sheet contemplates repayment on sale of the hotel, on a second refinance of the senior loan, or at the end of an eight-year term. Hauser said the outstanding issue centered on proceeds from condominium sales and whether those proceeds should be required to pay down the MCDC loan early.

\"Requiring repayment once the hotel begins operation goes against the spirit of the loan,\" David Craig told the board, arguing the MCDC loan was intended to remain in place until a sale or refinance rather than be repaid immediately from condo- sale distributions. Hauser replied that the board must decide whether it is fair to have equity distributions go out while the subordinate loan remains in place, noting condominium closings are likely to occur in the early years after completion.

Board process and next steps
Board members asked for more legal and financial clarity and requested a closed-session discussion; the public hearing was then closed by a board motion. No vote on the loan or grant award occurred at the meeting. Board members and staff said they will continue negotiation and return to the public process with a finalized term sheet and recommended action.

What was not decided or confirmed
The board did not approve the grant or loan. There was no vote on final terms for condominium proceeds, no certification that state incentives will be approved, and no final lender or equity commitments were presented. Stockton and Craig said conditional letters of financing and equity commitments were in process.

Context and local connections
Project proponents and city staff framed the resort as complementary to the city’s other large venues and tourism assets, including the Byron Nelson tournament, the newly announced Venue Amphitheater, the Canopy Surf Park concept and McKinney National Airport expansion. Stockton said the project would, in models reviewed by the developer and city consultants, add more than $2.5 million annually in tax revenue to the city once operating.

Board action at the meeting
The board closed the public hearing on the amended application following public comment and internal discussion. The project’s outstanding term-sheet question about condominium-sale proceeds and repayment timing was identified as the single remaining negotiation point and was referred for further discussion in closed session.

Quotes
\"The intention of the deal and what is corroborated by the financial model reviewed by the city and its consultants is that the MCDC loan is repaid upon a sale of the hotel or upon the second refinancing of the senior construction loan,\" David Craig said during public comment.

\"The issue that is outstanding is really about what triggers a repayment event,\" Mark Hauser, city attorney, told the board.

Ending note
Developers and city staff said they expect to return with additional legal language and financing confirmations; the board did not vote on incentives at Thursday’s meeting and left the matter open for further negotiation.","mediaType","Video","parentTitle","McKinney - McKinney Community Development Corporation - Jun 26, 2025","oneSentenceSummary","The McKinney Community Development Corporation on Thursday held a public hearing on an amended incentive package for a proposed JW Marriott luxury resort at Craig Ranch that requests a $25 million grant and a $10.25 million loan from MCDC to support a $325 million development. Developers and city officials described the project and left an outstanding question over whether condominium-sale proceeds should be required to repay the subordinate city loan.","taxTitle","McKinney, Collin County, Texas","taxId",2778,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6521895,"MCDC hears presentations from nine promotional grant applicants; board will vote in July",3202,3713000,6915000,"/Search/View?dp=1&key=5080575-750ea5b32441e405d52354135d4ce0c3&start=3713&end=6915","https://assets.pipeline.soar.com/5080575-750ea5b32441e405d52354135d4ce0c3/thumbnail_3713000.jpg","/articles/6521895/McKinney/Collin-County/Texas/MCDC-hears-presentations-from-nine-promotional-grant-applicants-board-will-vote-in-July","https://secure.pipeline.soar.com/6521895-86bec2cc99cd734651ee9b4ff2c6b7ae/orig.mp4?Expires=1770436903&Signature=J275oWqQGU3V1L0XB~KIht6n5Iihy953DLjfOR1It5WqwHXePdI7AaEnYjx1jxtd4XUNGjHGgWC6ZhyTSp~T0ij~ogzBoc1OWFMV2t4SIwvGFUnwLRZw9o1AU-8ZDIlHP4iHawjjz1WXGX~-qfYwJ9saDaqnalBrsW6Wk6DJUEUiviIdxqkU3A8PhoEtQa9qYgoXmvLBDXnI1-5OJhe9P~gusyqnq-ME2l6nE9sRfNlJV6TF~vXw1OfA2q8f~LuBSrkWA4ZIkXkes71a141hETojbFBFRwQRPBsGpDbKtKpVuEaDkZTp4jzUAI82R8BrbF82RfkB6Ptfi1sDUTFnTg__&Key-Pair-Id=KUT5TJCACFTXG","The McKinney Community Development Corporation on Thursday heard presentations from nine organizations seeking promotional or community event grants as part of the MCDC second-cycle awards. The applicants described planned events, attendance estimates, marketing plans and projected economic impact; the board’s promotional subcommittee will review and make funding recommendations at the July meeting.

Applications and organizers
Presenters and requested amounts included:
- Chestnut Square (Heritage Guild/Chestnut Square) — $14,905 for advertising and promotion of multiple 2025 events including farmers market, ghostly hauntings, trolley tours and a holiday tour of homes (presenter: Deanna Stone).
- McKinney Rotary Foundation — $7,500 for the McKinney Rotary Parade of Lights (presenter: Becky Fortenberry).
- Texas Women’s Society / McKinney Asian Food and Art Festival — $13,500 for a two‑day October food festival and related programming (presenter: Jenny, Catherine).
- McKinney Repertory Theater (MRT) — $6,790 for promotion of two 2025 shows, including a North Texas premiere and the annual A Christmas Carol (presenter: Divina Gheza Stanfeld).
- Warriors Keep (Veterans event at Tufts Brewery) — $12,500 for promotion of a Veterans Day celebration and fundraising event (presenter: Matt Thomas; Daryl Hale present).
- Collin County Master Gardeners Association — $14,500 to support eight events at Myers Park, including the annual garden show, plant sales and educational workshops (presenter: Sarah Dodd).
- McKinney Main Street / McKinney Oktoberfest — $14,000 for downtown Oktoberfest promotion (presenter: Andrew Jones).
- Art Club of McKinney — $7,100 for promotion of multiple art shows, workshops and community events (presenter: Catherine E. Clay).
- Millennial Maven Creative Foundation (Rooted in Rhythm) — $10,000 to promote a music showcase focused on underrepresented artists in country/roots genres (presenters: Bridget Jones and Valish Jones).

Board process and budget context
Cindy (staff) told the board this was the second and final grant cycle for the fiscal year. The MCDC promotional budget included $250,125 per cycle with a $69,000 carryover from the prior year; after the first round of awards, staff said about $174,000 remained available for the current cycle. The total of the requests presented at Thursday’s meeting was approximately $100,795, leaving staff and the subcommittee with funds to allocate but requiring prioritization.

Applicant highlights
Several applicants emphasized regional draw and economic impact. The Collin County Master Gardeners estimated 8,500–10,000 attendees across events with 70–75% from outside McKinney; Chestnut Square reported significant social‑media growth and impact on downtown visitation; McKinney Repertory Theater said ticket sales increased substantially after prior MCDC support; and Warriors Keep said last year’s Veterans Day celebration drew about 750 attendees and raised about $30,000.

Next steps
The promotional grant subcommittee will evaluate applications, confirm budgets and recommend awards at the MCDC July meeting. The board did not award any grants Thursday; presenters were limited to five minutes each and the board noted reports and grant recaps will be part of the evaluation.

Ending note
Staff and board members thanked applicants for their presentations and noted the July agenda will include the subcommittee’s recommendations and the board’s final vote.","Nine organizations presented promotional grant requests totaling about $100,795 for fiscal-year promotional funding. Applicants ranged from Chestnut Square and McKinney Oktoberfest to a proposed JW Marriott-associated project’s marketing partners; the board’s promotional subcommittee will meet and make recommendations at the July meeting.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6521900,"McKinney CDC hears May financial report: sales tax up after adjustments, retail trade remains strong",138,223000,361000,"/Search/View?dp=1&key=5080575-750ea5b32441e405d52354135d4ce0c3&start=223&end=361","https://assets.pipeline.soar.com/5080575-750ea5b32441e405d52354135d4ce0c3/thumbnail_223000.jpg","/articles/6521900/McKinney/Collin-County/Texas/McKinney-CDC-hears-May-financial-report-sales-tax-up-after-adjustments-retail-trade-remains-strong","https://secure.pipeline.soar.com/6521900-900683ea46824120d1ce6b7b0d6bc192/orig.mp4?Expires=1770436903&Signature=fIOTZKh7G24u2yLQ7N2k6Ed~s9dP3L9wv6CVmA5rGBcBkJJLmosVT-YjW6Bp6~F2GQpPVBUZWXyOmaDZk~Gn36ReEnBR3fDVFjHmOYD52bPzmQG~ercXlFzO0fo2cMyt6SRWXhMxYfDMtVMuD9-hhQl0lYeyizE-DVwD5XizLNfNBTne1fDmRiab9UybgDKVOjvu-Q29r-IUmhez8QA5B6tBfkJ13QvKcakw7b~dljXei-ykiVv0F9JyVAKUQQsiFeMqMzKEDgi~c-OeB4zdL~BVKPuDfke5W4wR1g~2j3-fyy-IjQUUDA4Ba5880o-oRL20jwausRkBcWwkAxT3tQ__&Key-Pair-Id=KUT5TJCACFTXG","The McKinney Community Development Corporation received its monthly financial report for May on Thursday and heard staff describe stable revenues, modest monthly expenditures and encouraging retail sales indicators heading into the summer months.

Assistant Finance Director Chance reviewed revenue and expense totals. He reported roughly $2,200,000 in sales-tax collections for the reporting period (collections in May attributable to March sales), about $300,000 in interest and other revenue tied to leased office space and miscellaneous receipts, with total month revenues presented about $2,500,000. Expenditures for the month included approximately $50,000 in operational expenses, $180,000 in project expenses and about $70,000 in nondepartmental charges for a monthly outlay near $300,000.

On sales-tax trends, Chance said the raw comparison showed a 1.8% increase for the period; he said an identified negative audit-adjustment reduced the headline figure and that, when that audit item was removed, period-to-period collections rose 5.9%, which staff said is in line with neighboring cities. He compared McKinney’s year‑to‑date trend to nearby jurisdictions: Allen (decrease of 1% year to date), Frisco (2.5% year to date) and Plano (7.4% year to date). Staff noted retail trade remains a strong indicator at about 5% and that the current budget assumption for next year’s sales tax is a 2.5% growth rate.

Chance closed by saying staff would answer questions and that more detailed reports were available in the meeting packet.

Context
City staff said audit‑related adjustments have caused monthly volatility in the reported sales-tax numbers; staff emphasized the period-to-period measure (excluding audit adjustments) as a more useful short-term indicator. The report covers the eighth month of the fiscal year and informs upcoming budget deliberations.

Quotes
\"If you factor that out, we had... a 5.9% increase, which is in line with our other sister cities,\" Chance said about sales-tax collections once audit adjustments are excluded.

Ending
The board received the report and did not take action. Staff said the budget process will continue through the summer with a formal presentation to city council scheduled for an August workshop and adoption expected in early September.","Assistant finance director Chance presented the MCDC financial report for May, reporting roughly $2.5 million in revenue for the month, expenditures near $300,000, and a 1.8% raw increase in sales-tax collections for the reporting period (March sales). Adjusted for audit collections, period-to-period sales-tax growth was about 5.9%.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6521904,"McKinney CDC extends term on $500,000 Chestnut elevated storage tank grant to June 30, 2026",163,1510000,1673000,"/Search/View?dp=1&key=5080575-750ea5b32441e405d52354135d4ce0c3&start=1510&end=1673","https://assets.pipeline.soar.com/5080575-750ea5b32441e405d52354135d4ce0c3/thumbnail_1510000.jpg","/articles/6521904/McKinney/Collin-County/Texas/McKinney-CDC-extends-term-on-500000-Chestnut-elevated-storage-tank-grant-to-June-30-2026","https://secure.pipeline.soar.com/6521904-6aa99104dc394c9b1ceb161794f28e59/orig.mp4?Expires=1770436903&Signature=TmwDVqyb0lY9K44TBNH3fywtjtA8ukAjmtAttC4hunifFeLD23-hpfgSafgdJCJAaeNxs1pNbEGcQVLQrLgYQQ3HlwGMTPyQkHHbMojsOm7-E~pYnJy0R1c-3mxeFpalZbHz8Lnz~qbIcd7tjZKMGctbLxKRhr08fDbl7qHHq3RTvi47PUUm1r93~PMBIILDKV4EaXbV2bL2JqhvizxQhktHivuWzRiVitW7yEfM5z2ZCQia5lMZcNlPZRUpdy5pCax-7Yn1ACp~KYFkCR9yY-GxhelmkZ993-oK19qr2lD~~mZuje-hcgtqrtVZS-OEnaqZ~EU9xn9pTxQcHb7OYQ__&Key-Pair-Id=KUT5TJCACFTXG","The McKinney Community Development Corporation voted Thursday to extend the term of a $500,000 grant previously awarded for lighting and related improvements to the Chestnut elevated storage tank. The extension moves the grant deadline to June 30, 2026, to align with the project construction schedule.

The request was presented by Blake Sales, engineering capital improvement program manager for the city. Sales told the board MCDC originally awarded the funding for lighting improvements on the tank under project 4B24-03, and that the grant’s original end date was scheduled for June 30 of the current year. He said earlier bid attempts produced no viable contractors or bids above budget and that the city re-bid the project earlier this year and awarded construction to Blast Co. (as noted in the staff report).

Sales said construction is expected to begin in August with an approximately eight‑month construction period. The board asked whether the $500,000 grant amount would change; Sales replied the grant would remain at $500,000 and that the city council had approved a separate budget amendment, with the tourist board, to provide additional funding needed for the full project.

Board members also asked about antennas on the tank. Sales said one cellular provider (T‑Mobile) will retain a limited number of antenna locations — “in three locations” — but that most of the current communications equipment will be removed during renovation.

Board action
Board member Deborah moved to approve the term extension and AJ seconded. After a roll-call-style confirmation the board approved the extension.

Context
The Chestnut elevated storage tank project has been on the city’s capital improvements list since prior bid attempts were unsuccessful or over budget. The extension aligns MCDC’s grant term with the new construction schedule and funding plan approved by the city council.

Quotes
\"It'll stay at 500 thousand- council did approve a budget amendment- along with the tourist board to find the additional funding needed for the project,\" Blake Sales said when asked whether the grant amount would increase.

Ending note
With the extension approved, staff said work would begin in August and expected to last roughly eight months; staff will return with any significant schedule or budget changes as the contract proceeds.","The McKinney Community Development Corporation approved a one-year extension to the term of a previously awarded $500,000 grant for Chestnut elevated storage tank improvements. Staff said the work will start in August with an eight‑month construction window and that most cellular equipment will be removed from the tank during renovation.","actionData","errors"]

Article not found

McKinney CDC holds public hearing on amended JW Marriott resort request; repayment of city loan remains unresolved

MCDC hears presentations from nine promotional grant applicants; board will vote in July

McKinney CDC hears May financial report: sales tax up after adjustments, retail trade remains strong

McKinney CDC extends term on $500,000 Chestnut elevated storage tank grant to June 30, 2026