The city of McKinney, the McKinney Economic Development Corporation (MEDC) and the McKinney Community Development Corporation (MCDC) joined forces for a new initiative to commit sales tax dollars to invest in new roadway infrastructure.
Following the adoption of a resolution on the June 21 City Council, this announcement responds to the rapid growth of the city and a much-needed extension of the arterial roadways. Mayor George Fuller said the objective of the initiative is to “aid our effort to invest in our community’s future public infrastructure,” adding, “This will send a strong signal to the business and investment community that McKinney takes infrastructure seriously and will do so for years to come.”
Although the exact amount to be invested depends on the sales tax performance, the expectation is to reach a joint contribution of $150 to $300 million. According to the official announcement, "An average of 5% in sales tax growth year over year would result in $112 million for this program combined from MEDC and MCDC … 8% in sales tax growth would change [that] number to about $187 million.”
The MEDC Board President, Michael Jones expressed their commitment to improving the quality of life in McKinney, not only to provide a vibrant community for its residents but to attract new businesses. “Road infrastructure improvements around McKinney will aid in ensuring that we maintain the highest standards of quality in all aspects of economic development in our community,” he said.
MCDC Board Chair Angela Richardson Woods echoed the sentiment: “Our roadways are the critical connectors for McKinney’s current and future businesses, as well as their employees and customers. Keeping them in quality condition maintains McKinney as a city of choice.”
This is not the first time the city of McKinney has teamed up with the MEDC and MCDC. The recent AT&T Byron Nelson tournament was a product of said cooperation and a success at that. So combining the investment of the three entities would be a game-changer for how the roadway infrastructure is funded.
This could also lead to a more ambitious project. City Manager Paul Grimes said, “We can use these dollars to leverage state and federal funds and partner with the county’s initiative for expanding arterial roadways.”