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Developer asks MCDC for $13.6M to unlock Cotton Mill District; board raises staging, risk and clawback questions
Summary
Presidium requested roughly $13.6 million from MCDC for district-scale infrastructure to enable redevelopment of the Cotton Mill District. The presentation highlighted potential job creation and long-term economic impact; board members and community speakers probed eligible costs, staging vs. full-district funding and protections if market conditions change.
Josh Eames, president of development at Presidium, described a Phase 1 infrastructure package for the Cotton Mill District and asked the McKinney Community Development Corporation for $13.6 million in project funding to install utilities, roads and other off-site improvements the developer says are required to make the district buildable.
"However, without the infrastructure support, we can all but guarantee that it won't move forward," Eames told the board, arguing that existing utility capacity and road access are insufficient to support new development in the area. Presidium's submission estimated the full district investment potential at roughly $600 million…
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