On January 5th, 2021, the city of McKinney, City Council, and the TIRZ #1 board (made up mostly of City Council members) will most likely approve the use of nearly half of TIRZ #1 available funds for the new TUPPS brewery parking lot--$3.5 million dollars of the $6.8 million dollar TIRZ #1 fund balance.
It has taken nearly ten years for the TIRZ #1 to amass its current balance minus paying administration fees and helping to pay for smaller downtown business repairs, etc. Is a parking lot for a brewery (please see the trailer park eminent domain action here) worth it? Several other major city-led economic development deals didn't use TIRZ #1 funding that should have, like the downtown parking garage and the apartments/shopping with city garage parking underground.
Here is the cost breakdown from the legislative text:
FINANCIAL SUMMARY: · The City is requesting up to $3,500,000 in TIRZ funds for the East Louisiana Parking Project. These funds will cover the following costs:
- o Property Purchase - Approximately $1,900,000
- o Relocation Expenses - Estimated $500,000
- o Parking Lot Design - Estimated $115,000
- o Parking Lot Construction - Estimated $985,000
· TIRZ #1 Fund Balance -
- o The TIRZ #1 Fund currently has a balance of $6.8 million
Here's the plan for the east side of downtown including the very expensive parking lot: