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Developer asks MCDC for $13.6M to unlock Cotton Mill District; board raises staging, risk and clawback questions
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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 over time and projected jobs and tax revenues tied to mixed-use build-out.
Board members questioned the scope and allocation of costs, and whether MCDC should fund a full-district build or stage infrastructure for an initial phase. One board member observed that staging lower-cost, phased work might appear cheaper initially but could increase long-term costs if streets or utilities must be repeatedly torn up and rebuilt. Another asked whether the EDC or other city funds might cover some portion.
Community speakers including local attorney Bob Rotor and Cotton Mill co-owner McCall Casey emphasized historic preservation and neighborhood benefits, arguing the infrastructure investment would unlock a long-dormant part of East McKinney. "You unlock East McKinney, and you have created a great resource for the people that have lived in East McKinney for hundreds of years," Rotor said, noting overlay zoning and design controls for the district.
Board discussion centered on risk management and accountability: members requested clarity on eligible costs, recommended protections or clawbacks if the full district build-out does not occur, and asked whether staged work would materially increase the developer’s costs. Presidium's team said engineers had advised that piecemeal staging could lead to higher cumulative costs and operational disruption and that the $13.6 million ask reflected a district-level solution rather than a narrow first-phase pro rata share.
The public hearing remained open at the end of discussion to allow further coordination with EDC and to give the board additional time to consider eligible costs, conditions and potential funding structures. Staff said the item would return for further review and legal analysis of eligible expenditures and agreement terms.
Next steps: MCDC staff, legal counsel and the developer will refine eligible cost lists and potential conditions; the board may consider staged approvals, clawback language, or blended financing (loans and grants) before acting.
