MOU approved with KDC to move forward with Gateway Project

The following is a press release from the City of McKinney:

The City of McKinney and the McKinney Economic Development Corporation (MEDC) approved a Memo of Understanding with a development team led by KDC for the development of the Gateway site located at the interchange of the Sam Rayburn Tollway and U.S. 75.
 
The Memo of Understanding lays the groundwork for the project to move forward with the creation of preliminary site design concepts and direct marketing activities by the KDC team, which would take place at the same time as the formation of the Master Development Agreement. According to the Memo of Understanding, the design phase marketing materials will be complete by June and the Master Development Agreement will be executed by October.
 
“We are thrilled this process is moving forward aggressively as we know there is a market waiting to be tapped in this area,” said Darrell Auterson, MEDC President. “So far, we are right on track with the progress we were hoping to make with this partnership with KDC and we look forward to a successful future with them and the Gateway development.”