Located in Historic Downtown McKinney

Tuesday, September 21, 2010

The meeting this evening was nearly a full house at the Stonebridge Ranch Country Club. Jeff Blackard and George Fuller lead the meeting. The main topic of this meeting was the proposed zoning change request that is being requested for the "age restricted for lease condos". Blackard has equity partners that are very interested in what is high end residential condos for Seniors. Those attending the meeting had mixed emotions of the project ( some angry and some in agreement).

Blackard had mentioned that there was roughly $23 million in debt and that the annual debt service was close to $2,300,0000. Blackard and Fuller mentioned that they are possibly considering applying for funding through the government's HUD 221 4 D program.

Blackard is looking for the communities support in the zoning request. If they can make the proposed age restricted condos work, other projects will be more likely to succeed. They state that the P&Z meeting is October 12th and it goes in front of the City Council on November 2nd.

It is evident that Adriatica is Blackard's dream project and that is in it for the long haul. He did mention that the pressure and stress that this fight has brought him is getting to him and he is not up for a fight. I am a strong advocate of this project and want to see it complete. If we don't stand behind Blackard's vision and help this project succeed, the consequences could result in this prime real estate being sold off and becoming the home to a big box retailers and pad sites being sold off to fast food restaurants.

I believe that there are those out there who ignore the current economic environment and the lack of money available from the lending institutions and want this project to be complete overnight. If you want to keep the vision of Adriatica alive, please show your support at the P&Z meetings.

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