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Council backs Cotton Mill Phase 1 affordable housing partnership after debate over density and tax tradeoffs
Summary
Council approved a resolution supporting a public–private partnership between the McKinney Housing Authority and Presidium to build Cotton Mill Phase 1 at 610 Elm Street. The project, described in council documents as totaling 257 units, would dedicate roughly 45% of units at 80% AMI and 5% at 30% AMI while leaving 50% at market rate; proponents
The McKinney City Council voted to adopt a resolution supporting a public–private partnership between the McKinney Housing Authority and developer Presidium to build Cotton Mill Phase 1, an affordable housing project proposed for 610 Elm Street in East McKinney.
Margaret Lee, the city’s housing and community development director, introduced the request and said the Cotton Mill project had been evaluated under the council’s affordable housing scorecard and received 14 points, exceeding the 12-point threshold required for consideration. Lee told the council the project would include 257 units, with 50% at market rate, 45% restricted to households at 80% of area median income (AMI) and 5% at 30% AMI. The city staff estimated the restricted units would provide about $8.2 million in rental savings over 10 years…
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