McKinney issues $92M in bonds for airport and public safety projects

In the bustling heart of McKinney, city officials gathered under the bright lights of the council chamber to discuss significant financial developments that promise to shape the future of the community. Chief Financial Officer Mark Holloway took center stage, providing a detailed update on the city’s ongoing infrastructure projects, particularly focusing on the McKinney National Airport Eastside infrastructure project.

Holloway reported that the city has recently closed a $30 million financing deal through sales tax revenue bonds specifically aimed at enhancing the airport's infrastructure. This financing, which is immediately callable, is part of a strategic plan to secure a long-term TIFIA loan from the federal government, anticipated for approval in 2026. This loan will ultimately help repay the short-term notes, ensuring a sustainable financial path for the project.

In addition to the airport funding, Holloway outlined another substantial financing effort by the Economic Development Corporation (EDC), which involves a total of $62.4 million. This includes $40 million earmarked for land purchases and $22.4 million dedicated to further airport infrastructure improvements. The EDC's bonds were also sold in April, with the city expecting to close on these funds by the end of the month.

The meeting also highlighted the city’s broader financial strategy, which includes general obligation bonds and certificates of obligation for various capital improvement projects. Holloway detailed plans for $67 million in financing, which will support public safety, parks, roads, and facilities, including renovations to the Roy and Helen Hall Library. Notably, the city is looking to capitalize on favorable market conditions to issue these bonds in May, with a closing date set for mid-June.

As the council members engaged with Holloway, questions arose about the remaining funds from a previous bond authorization. Holloway confirmed that approximately $5 million remains from the 2019 authorization, which is expected to be utilized for public safety projects in the upcoming fiscal year.

The discussions at this work session not only reflect McKinney's commitment to enhancing its infrastructure but also underscore the city's proactive approach to financial management. With these initiatives, McKinney is poised to continue its growth and development, ensuring that it meets the needs of its residents while navigating the complexities of municipal finance. As the council adjourned, the anticipation for the upcoming projects and their impact on the community was palpable, leaving residents eager for the changes ahead.