Land to be purchased for $22.3 million, cash
The city of McKinney and the McKinney National Airport are purchasing approximately 190 acres of land near the southeast side of the airport, the entities announced Wednesday, Feb. 7.
“The city has been looking for opportunities to purchase additional land surrounding the airport, but no opportunities were available that we deemed to be consistent with future growth patterns,” City Manager Paul Grimes, said in the release.
McKinney City Council approved an ordinance amending the annual budget and Capital Improvement Program to provide $22.3 million in cash funding for the project.
“This land recently became available for a fair price and its proximity fit within the long-term strategy of the airport master plan. By purchasing the land, the airport will be able to expand its physical footprint and expand operations as the city and the entire region continue to grow,” Grimes said.
This acquisition is in-line with the airport’s master plan, which includes acquiring additional land surrounding the facility to allow the airport to expand over time.
The city currently owns 775 acres of land to help accommodate the airport master plan, and said in the release it city aims to add up to 500 more acres in the coming years.
“The airport is a lucrative asset that differentiates the City of McKinney from other cities in Collin County, making McKinney an enticing location for economic development. The airport also benefits the community to help provide city services and education dollars by the revenue it generates,” Mayor George Fuller, said in the release.
In 2010, an economic study conducted by the University of North Texas found that McKinney National Airport generates more than $44 million annually in economic impact to McKinney.
McKinney Independent School District is the largest beneficiary of the property tax valuation of the aircraft at McKinney National Airport receiving more than $1 million annually in ad valorem tax revenue, which funds the cost of education of more than 100 students a year, the release said.