EDC approves budget amendment to account for Cannon Beach land sale

The McKinney Economic Development Corporation board voted to approve a budget amendment Sept. 15 that records prior transactions related to the Cannon Beach development. Staff and board members described the item as "not a new incentive" but rather an accounting step to recognize a roughly $23 million land sale and to allow the EDC to write down a note as development milestones are met.

Explaining the amendment to the board, staff said, "we sold the land to Cannon Beach, which was around $23,000,000 ... we got $8,000,000 as a down payment. And the other 16,000,000 was as a note, due to us," and that the amendment will show $23,000,000 in revenue and possible expenses up to $20,000,000, leaving a $3,000,000 delta to the fund balance. The board moved to approve the amendment and the motion passed by voice vote.