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City leaders are waiving roadway impact fees for a proposed multifamily development in East McKinney.
The overview: McKinney City Council members voted 4-3 on July 21 to waive $2,946,900 in fees for the Presidium Cotton Mill development, according to a city document. Texas-based real estate developer Presidium is expected to pay the fees upfront when a construction permit is issued and will be reimbursed upon completion of the project.
More information: Presidium applied through the city’s Neighborhood Empowerment Zone program, which enables fee waivers for infill developments within certain boundaries. Roadway impact fees are levied against new developments to pay for off-site construction of infrastructure work to support development, according to McKinney’s website.
The waiver request required council approval since it exceeded $50,000, according to city officials. Presidium requested the waiver for the project’s multifamily component, which plans for 1,140 apartment units located east of SH 5.
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