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MCDC approves extension of Venezia Sapori loan agreement to Dec. 31, 2025
Summary
The board approved a request from the Venezia Sapori project at 1820 El Dorado Parkway to extend the loan agreement term to Dec. 31, 2025, citing contractor and contractual issues that delayed completion. Applicant representatives said landscaping and site work should finish by November.
The McKinney Community Development Corporation approved an extension of the term for the loan agreement tied to Project R124-07, Venezia Sapori, a new restaurant at 1820 El Dorado Parkway. The extension moves the loan agreement maturity to Dec. 31, 2025.
An applicant representative told the board the project was delayed by legal and contract disputes with the original contractor, which prevented receipt of invoices and affidavits needed for the project closeout. The applicant said new professionals were hired to complete remaining exterior site and landscaping work and estimated completion in November; they apologized to the board for the misunderstanding about the prior March deadline.
A motion to approve the extension was made and seconded. The board voted in favor of the extension; the motion passed as recorded in the meeting transcript.
"The main reason for the delay in this overall project has been with the original contractor. We had some legal and contract issues," the applicant representative said, explaining the request.
The record shows the vote was in the affirmative and the item passed. The transcript does not include a roll-call vote or a detailed vote tally; motions were recorded and announced by the presiding officer.
