CDC approves $4 million infrastructure grant for Cannon Beach mixed‑use entertainment project

The McKinney Community Development Corporation voted to approve a $4,000,000 project grant to fund infrastructure improvements on land at the northeast intersection of State Highway 121 and Stacy Road in preparation for Cannon Beach, a proposed mixed‑use entertainment and retail destination.

Board members described Cannon Beach as more than a surf-and-beach attraction, saying it will include entertainment retail, family attractions, and jobs. During the discussion several board members emphasized the project’s potential to draw visitors, create employment and keep sales tax revenue in McKinney rather than in neighboring communities.

A motion to approve the $4,000,000 infrastructure award was made by a board member and seconded; the motion passed (vote tally not specified in the meeting record). The board record shows supporters highlighting that much of the land is owned by the EDC and is not currently producing property tax revenue, and that the development would convert public land into a revenue‑producing asset for the city.

Staff and board members noted the project would spur additional development on adjacent acreage and may include retail, an entertainment core and potential hotel space; the motion approved the infrastructure funds to prepare the site for construction. The board did not attach additional contingencies to this award in the meeting record.

Ending: The CDC approved the $4 million reimbursement grant; staff will work with the developer and EDC on timing and reimbursement steps as the developer completes eligible infrastructure work.