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

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…