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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 and noted fees and payments to the city were anticipated at roughly $2.6 million.
Presidium representatives described the development as a mixed-income, wrapped-parking, Class A apartment product that will include both market-rate and subsidized units in the same complex. Shaylyn (Presidium representative) explained how AMI-based rent restrictions translate into household rents for one-, two- and three-bedroom units in the McKinney market and said the team added deeper affordability for certain units after further board discussion.
Council discussion centered on tradeoffs between supply and tax revenue and the part the project plays in meeting the city’s housing goals. Councilmember Patrick (last name not given in the transcript excerpt) said he had reservations about the proportion of 80% AMI units, arguing the city’s greatest need is deeper, 30% AMI housing and worried about the fiscal tradeoffs of removing a large property from the tax rolls. He said the city had already produced a large share of housing at that 80% AMI level compared with neighbors. Other council members, including Justin Beller, pushed back on those concerns and said the mixed-income approach and the board scorecard supported the project; Beller and others described the development as a potential catalyst for reinvestment in East McKinney.
After debate, council approved the resolution supporting the McKinney Housing Authority’s partnership with Presidium. The meeting record indicates the motion passed; a roll-call tally is not transcribed in the available excerpt.
Project and program details recorded in the hearing transcript
- Units and income tiers: Council materials referenced "257 units" total, with 50% market rate, 45% at 80% AMI and 5% at 30% AMI. - Scorecard: The project scored 14 points on McKinney’s affordable housing scorecard; the minimum for eligibility is 12 points. - Estimated public benefit: Staff estimated roughly $8.2 million in rental savings over 10 years and noted approximately $2.6 million in fees/payments to be collected by the jurisdiction(s). - Affordability mix: Presidium and the housing authority will accept Housing Choice Vouchers for units where voucher holders qualify.
Next steps
The council’s resolution expresses municipal support for the public–private partnership. Any tax exemptions, financing or use of public incentives will require further approvals and separate actions from the housing authority and other granting entities.
