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MCDC approves six‑month extension for Throckmorton Villas infrastructure loan
Summary
The McKinney CDC voted to grant a second extension to Sphinx Development Corporation for the term loan tied to the Throckmorton Villas infrastructure, moving the deadline to May 31, 2026, after the developer cited utility and staging complications.
At its Dec. 18 meeting, the McKinney Community Development Corporation approved a second extension of a term loan agreement related to infrastructure for the Sphinx Development Corporation’s Throckmorton Villas project (project 4B2408).
Joseph Agamadou, president of Sphinx Development, told the board that the 380‑unit project has encountered unanticipated utility and grade issues that required lowering and relocating water and other lines; the fire marshal’s requirements for staging and access meant the developer could not safely occupy more than part of the completed project. Agamadou said roughly 80% of units are ready for occupancy but legal and utility clearances remain outstanding.
A board member moved to accept Sphinx’s request to extend the loan term to May 31, 2026; another member seconded the motion and the chair announced the motion passed by voice vote. The board did not record a roll-call tally in open session.
City staff clarified that because the loan funds were not yet disbursed (the project remains incomplete), the extension preserves the funding arrangement while the developer completes required work and secures necessary inspections and easements.
The action keeps the project on the board’s administrative radar and allows staff to follow up on revised construction and completion schedules. The motion to approve the extension was moved by a board member and seconded by another; the chair announced the motion passed.
