The McKinney Community Development Corporation, or MCDC, board unanimously approved a request for a $25 million project grant as well as a $10.25 million loan for the project at a July 24 meeting.
A separate Chapter 380 economic incentive agreement for the project was approved by McKinney City Council members at a June 3 meeting. The agreement includes $18 million in city tax rebates that will be returned to the developer over a 12-year period.
The gist
The grant and loan requests were first considered by board members at a June 26 meeting. The $25 million project grant will be paid when a certificate of occupancy is issued for the project, according to a presentation at the meeting. The loan requested totaling $10.25 million would be funded at the start of construction.
The combined grant and loan funding will cover about 10.8% of the total project cost, city documents state.
Richard Stockton, senior managing director at Ashford Inc., a real estate services company that specializes in hotels, said at the June 3 meeting that the funds would be used specifically to support the hotel portion of the project. He also noted that the project is dependent on the city’s incentive package and partnership.
Project representatives are also pursuing additional support from the McKinney Economic Development Corporation in the amount of $2 million, state tax rebates totaling about $30 million, and $3 million in funds from Marriott, Stockton said.
No discussion took place at the July 24 meeting prior to the unanimous vote.
The context
The MCDC’s funding is derived from a voter-approved half-cent sales tax collected on purchases made in the city. Those funds are reinvested in the community through grant funding to projects and events, with the goal of enhancing the community’s amenities and quality of life, according to the organization’s website. In the past 25 years, MCDC has invested nearly $225 million in the city.
The JW Marriott project is being developed through a partnership between Ashford Inc., Craig International and Horizon Capital Partners, a presentation at the June 3 stated. David Craig, founder and CEO of Craig International, said that he has envisioned a luxury hotel in Craig Ranch for more than 20 years.
The 18-story resort hotel will be developed on a roughly 8-acre parcel at the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway. The hotel will feature various amenities, according to city documents, including:
- 290 guest rooms
- Over 50,000-square-feet of hotel conference space, including multiple ballrooms with movable partitions, breakout spaces, boardrooms and more
- A fitness center
- A three-meal restaurant and a specialty restaurant
- A lounge with pool seating and food service
- Pickleball courts
The project will also feature 48 for-sale condominiums with a separate amenity deck that are constructed above the hotel structure, city documents state. Under terms of the agreement, construction on the resort hotel project must start by Dec. 31, 2026 and be completed by April 30, 2029, according to city documents.
Also on the agenda
At the meeting, MCDC board members also approved funding requests for other projects in the community.
As part of the organization’s promotional and community event grant programs, the board approved a total of $80,395 in grants requests from nine organizations for the advertising, marketing and promotion of events, including:
- McKinney Oktoberfest
- Art Club of McKinney events such as art shows
- Rooted in Rhythm, a concert at Tupps Brewery
- McKinney Asian Food and Art Festival
- The McKinney Rotary Foundation’s 2025 Parade of Lights
- The 2025 Veteran’s Day celebration at Tupps Brewery
- Two McKinney Repertory Theatre shows
- Events at Chestnut Square such as the McKinney Farmers Market
- Events at Myers Park and Events Center such as the annual Garden Show
- $233,137 for the replace of a fire suppression system within a parking garage in the Adriatica development
- $80,000 for a 50-foot neon monument sign promoting downtown McKinney at the northeast intersection of US 75 and Virginia Parkway
- $8 million for various projects at McKinney parks including Old Settler’s Park, Erwin Park and Al Ruschhaupt park
- $305,000 for repairs and renovations at three residential properties in East McKinney by Habitat for Humanity Collin County
- $2 million for enhancements to the privately-owned, publicly accessible park space planned for the West Grove development
Board members also approved the organization’s Fiscal Year 2026 budget, with an estimated revenue of $27,188,411, with the majority derived from sales tax, and an equal amount in expenses. Some expenses outlined in the budget include nearly $11.4 million for community grants, almost $1.3 million for debt service related to McKinney National Airport and just over $2 million for roadway infrastructure.
The budget also includes over $9.7 million in funding for parks and recreation related projects and costs, which is record high for funding allotted by the MCDC board for the McKinney Parks and Recreation Department, board member Chris Wilkes said.
