Construction on the long-awaited Gateway Hotel & Events Center, located at 121/SRT and U.S. 75, is due to begin in October. That was one interesting piece of information that came out of Monday evening’s work session by the McKinney City Council.
On Monday’s agenda was a budget update from the McKinney Community Development Corporation (MCDC), an update on capital improvement projects throughout the city and a discussion of several items scheduled for Tuesday’s regular council agenda.
Capital Improvement Project Updates Council on Construction Projects: The city’s capital improvement project coordinators provided the city council with a quarterly update. The council was shown a picture of the newly placed sign at the site of the Gateway Hotel project. According to the presentation, construction on the Gateway Hotel is due to begin in October.
Also of note was an update on the construction of US 75 in McKinney. The construction is still due to be completed in 2015.
MCDC Updates Council on 2014 Budget Proposal: The MCDC is currently tracking to show a projected 13.5 percent increase in revenue from sales tax collections in 2013. The MCDC says this increase is due to a significant increase in sales tax collections.
The MCDC also broke down their projected budget for 2014. The breakdown presented to the city council is below:
- 2014 MCDC Budget: $9,465,000
- Operational Expenses: $459,409
- Project Costs/Fees: $664,468
- Legal/Professional Service: $10,500
- MPAC: $375,000
- Parks and Recreation Capital Purchases: $200,950
- City Admin Fee: $78,018
- Remaining Net Budget Available for Grants: $8,341,123
- Parks (35%) $2,919,393
- Economic & Capital (50%) 4,170,562
- Discretionary (10%) 834,112
- Contingency (5%) 417,056
The MCDC also reported that there is currently $177,725 in unspent funding from completed Parks and Recreation projects in prior fiscal years that could be used to fund ongoing and future park construction or one-time equipment needs.