Board approves $2.5M language amendment for McKinney Ranch Senior Living grant

Kim Parker, executive director with Palladium, asked the board to amend the previously awarded $2.5 million grant for McKinney Ranch Senior Living to allow reimbursement of land acquisition costs and to extend the construction completion date to Sept. 30, 2028. Parker said the project is a 109-unit independent senior living community with 66 units reserved at or below 60% area median income.

"This $2,500,000 grant that we were awarded by this very board 6 months ago was the final piece to actually make this development a reality," Parker said, adding that the requested change was ministerial and would not alter loan terms or affordability commitments. After public hearing and brief board exchange, the board closed the hearing and approved the amendment by motion and vote.

Staff will update the loan agreement language and process any reimbursements on a performance-agreement, reimbursement basis as outlined by MCDC policy.