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Board approves multiple extensions for infrastructure and development projects
Summary
The MCDC board approved extensions to loan/grant agreement terms for the Chestnut elevated storage tank, a transitional-living community, HUB 121 final payment, and SDC Throckmorton Villas (380 Villas) to allow projects to finish construction and complete annexation or reporting obligations.
The McKinney Community Development Corporation approved several deadline and term extensions for city and developer projects.
The board extended the term of the loan agreement for the Chestnut elevated storage tank improvements to Dec. 31, 2026; extended the timeframe for infrastructure and annexation milestones tied to a future community of transitional living homes (project extension to July 30, 2028, and annexation completion to Dec. 31, 2026); authorized a three-month extension for final payment tied to HUB 121's revenue reporting; and approved a third extension for SDC Throckmorton Villas (380 Villas) to Dec. 31, 2026 after the developer reported roughly 90% completion and expected occupancy in 60 to 90 days.
Board members asked applicants to explain causes of delay (easement issues, county road alignment and utility relocations were cited) and expressed interest in avoiding further extensions. Each extension was moved, seconded and passed on voice vote as recorded in the transcript.
