McKinney City Council heard a recommendation to move forward with a proposed $485.5 million municipal bond at a Dec. 19 meeting.
The proposed bond includes a number of city projects that are currently unfunded, including city facility renovations and new construction, roadway improvements, parks and recreation projects, and more, according to city documents.
The details
The recommendation was presented by executive committee spokesperson John Prudich. The committee, composed of 36 members of the community, recommended moving forward with calling the $485.5 million bond election, according to Prudich.
The initial list of projects being considered totaled $436 million while the bond committee’s subcommittee on finance recommended a $500 million budget.
“The finance committee suggested $500 million,” Prudich said. “It is well below the total bond capacity [with] debt to be issued over seven to 10 years, assumes a level assessed valuation growth, and assumes no tax rate increase.”
Following a collaboration of various subcommittee representatives, the committee landed on the $485.5 million recommendation. The committee added additional $53.5 million for street and road projects as well as $11 million parks and recreation projects, and also removed $15 million in funding for two renovation projects at Roy and Helen Hall Memorial Library and the McKinney Performing Arts Center.
The committee came to this conclusion after three meetings in fall where committee members received presentations from city staff about various unfunded city projects that could be included in the recommendation.
If they choose to move forward on the proposal, City Council members would be required to call the bond election by Feb. 17, according to the Texas Secretary of State’s website.
By the numbers
The bond committee’s recommendation included funding for the following items:
Parks and recreation
For more information on the potential 2024 municipal bond, visit www.mckinneytexas.org/1585/2024-bond-information.
