The funding needed to kick off a massive new expansion at McKinney National Airport has been officially secured.
With the funds locked down, constructing the new commercial terminal in McKinney is one step closer. On March 18, a joint meeting between McKinney’s Economic Development Corp. and its Community Development Corp. approved $52.4 million for phase one of the airport expansion.
Those funds include $22.4 million through the EDC and an additional $30 million in temporary financing through the CDC. Later, according to McKinney Airport Direct Ken Carley, the CDC will see that money reimbursed via a federal loan through the Transportation Infrastructure Finance and Innovation Act.
“The intent is to close the TIFIA loan and then reimburse [CDC] so that their interest rate on that debt is lowered,” Carley said.
The new terminal is expected to cost around $75 million when completed. The EDC and CDC are currently supporting initial design efforts for the project with a $5.4 million grant. McKinney’s water and wastewater funds are also providing $2.6 million to install unground infrastructure at the new terminal’s location.
In 2023, voters in McKinney rejected a $300 million bond package that would have supported the project. However, as reported in The Dallas Express, McKinney Mayor George Fuller said the terminal expansion could proceed via other funding options.
The final $14.6 million needed for the project will be sourced from multiple grants from the Federal Aviation Administration and the Texas Department of Transportation. Funding from McKinney’s Tax Increment Reinvestment Zone is also expected to help close the gap.
The project’s first phase will see the construction of a 45,000-square-foot terminal, a nine-acre aircraft apron, more commonly known as a tarmac, 1,500 public parking spaces, and more. Subsequent phases will also add a new taxiway and a roundabout improving vehicle access from FM 546.
If everything goes according to plan, McKinney will be home to the third commercial airport in the metroplex. Despite pushback from some residents, city officials anticipate the expanded airport will substantially enhance the city’s economy.
The expansion alone is expected to create more than 1,800 jobs and generate $394 million in economic impact during its first three years. Within five years, Mayor Fuller believes the expansion could drive the airport’s annual economic impact to almost $1 billion.