Growing McKinney's Economy
Economic Development programs are designed by the city to attract industry and investment, create jobs and otherwise grow the economy. This page informs taxpayers about programs and incentives supported by their tax dollars.
The City of McKinney strives to be an open government and provide transparency to the public in all areas. We are working to further develop public information in finances, contract and procurement, economic development, public pensions and debt obligations.
Economic Development Enhances McKinney's Quality of Life
The City of McKinney is dedicated to offering the highest quality of development, infrastructure and quality of life for citizens. We do this in part by enhancing and expanding the city’s economy. Competition with other cities on the local, state and international levels mean we sometimes need to offer more incentives to attract investment and business to the community. The city’s “pro-business” philosophy is designed not only to attract high-quality companies but to keep them as well. The city works to negotiate win/win incentive agreements, striving for a fair and reasonable return on investment for our taxpayers on any agreement.
It is the city’s policy to encourage new investment and business attraction through tax grants, performance-based job creation grants and/or other redevelopment grants, as authorized by Chapter 380.001 of the Texas Local Government Code. The city has chosen Chapter 380 as the preferred path to provide incentives, and offers a couple of tax abatements, as authorized by Chapter 312 of the Texas Tax Code, which may provide a reduction of taxes owed on new added value for a defined period of time.
Tax Grants Provided
In an effort to encourage new investment and reinvestment in the city’s physical environment and provide a foundation on which businesses may locate and expand their operations, the city may provide a tax grant equal to a portion of taxes owed on new real and/or business personal property values over a base year value. The actual amount and duration of the tax grant may vary based on a determination by City Council, but projects may be eligible for a grant equal to 100% of real or personal property, for a period of up to ten years.
Tax Abatements & Reimbursements
The city currently administers 16 active economic incentive agreements. Only two of these agreements are tax abatements and both will be expiring in FY 2019. The estimated taxes remaining to be abated on these two agreements is $214,000. View details about all agreements. Click on the Resolution Number to view the action authorizing the incentive, if the resolution is not available the agreement will be displayed.
McKinney Economic Development Corporation (MEDC) Agreements
The MEDC currently administers 25 active economic incentive agreements. View details about the agreements.
- Texas Comptroller Economic Development Search Tool
This tool allows users to view MEDC financial reports submitted to the state.
- GASB Statement No. 77 Tax Abatement Disclosures
This statement provides guidance regarding the disclosure of taxes forgone in governmental financial statements.