McKinney City Council members approved a budget amendment in September appropriating nearly $20.9 million to an existing development agreement for the Cannon Beach surf resort.

In a nutshell: The appropriation does not represent new incentive funding for the project but instead reflects a land sale made by the McKinney Economic Development Corp. for the Cannon Beach project. MEDC President and CEO Michael Kowski spoke about the action during a Sept. 15 board meeting.

“This is not a new incentive agreement,” Kowski said. “This is not a new deal point. This is not a restructuring of the current agreement.”

The details: Chance Miller, assistant director of finance for the city, said MEDC sold land to the Cannon Development Group in December for a total value of $23 million. The $20.9 million appropriation allows MEDC to redirect budgeted land sale proceeds back to the project as it meets development milestones.

Zalat Pizza is now open in East McKinney, a company representative said.

A closer look: The restaurant has 31 locations across Texas and offers a variety of specialty pizzas, such as the Sweet Revenge, which is made with bacon onion jam, housemade hot honey, mozzarella, salami, crushed red pepper and fresh basil, its website states.

• 1720 N. Central Expressway, Ste. 210, McKinney

Plano ISD saw enrollment drop by more than 2,500 students, while Trader Joe’s plans stores in Fort Worth and Plano. Check out six trending stories from Community Impact’s Dallas-Fort Worth coverage areas.

1. Plano ISD enrollment down more than 2,500 students from last school year

2. Trader Joe’s plans store in north Fort Worth

3. El Fenix Mexican Restaurant temporarily closes McKinney location

4. Trader Joe's to open second Plano store

5. Project Nexus takes flight, launches air taxi testing at Perot Field in Fort Worth

6. Red's on Main reopens Frisco location after funding challenges

Some Texas Republican leaders have vowed to get rid of the property taxes that homeowners pay to their local public school districts, and lawmakers are analyzing how much it would cost to do so.

The big picture: Texas school districts collect about $29 billion per year in maintenance and operations taxes, which cover schools' daily expenses.

Of that $29 billion in school tax revenue, the state comptroller's office estimates that about $8.6 billion is paid by homeowners, and the rest comes from commercial and industrial property taxes.

This means the state would need to spend at least $8.6 billion annually to zero out homeowners' school property tax bills, officials said.

Quote of note: "Broadly speaking, you have a question about how much you want to fund schools, and then separately, where does that money come from?" Texas Education Commissioner Mike Morath said during a Sept. 15 legislative hearing. "If you have a target of how much you want to spend, you need to make sure you have enough variable revenue sources to reach that."