McKinney expands TIRZ No. 1 for Presidium Cotton Mill site

McKinney City Council voted 6-1 on June 16 to add about 15.7 acres to Tax Increment Reinvestment Zone No. 1, a downtown reinvestment district, for the Presidium Cotton Mill site in east McKinney.

The request came from Cotton Mill Partners and Presidium Cotton Mill. Under the city’s legislation text, any future increase in taxable value on the added land would be captured in TIRZ No. 1’s fund balance and could be used only for eligible project categories in the zone’s plan. If the land had stayed outside the district, that future value growth would have gone to the city’s general ad valorem tax revenue instead.

The city says this was the first applicant-initiated request to expand TIRZ No. 1 since the zone was created in 2010. McKinney’s FAQ describes TIRZ No. 1 as the city’s downtown area, and the project plan includes street, utility and streetscape work, land acquisition, critical maintenance items, fire suppression, and targeted economic development funding.

The vote does not approve a building project by itself. It changes the financing framework for the added acreage, which could matter later if redevelopment proposals seek TIRZ support for public improvements.

Sources

• Community Impact McKinney — council votes to expand TIRZ No. 1 boundaries
• City of McKinney Legistar — agenda item 26-0584
• City of McKinney — TIRZ FAQ