Mckinney PSA pays off loan early

Due to overwhelming response, the indoor multisport facility – PSA McKinney – located at Gabe Nesbitt Community Park, has been able to pay off their loan to the McKinney Community Development Corporation (MCDC) two years ahead of schedule. They opened in December 2014.

The facility features eight indoor multi-sport courts, a soccer field, a concourse area, office and conference rooms, and concessions.

According to press release, the total cost to construct PSA was $9.7 million. MCDC loaned PSA $3.2 million for equity funding from their capital improvement projects budget to be repaid over five years, the first four being interest-free. PSA only drew $2.7 million of the loan and made the first repayment of $1 million in July 2015 and repaid the final balance of $1.7 million in July 2016.

PSA will pay for the remainder of the building bank loan over 20 years.

Don Blackwood is the General Manager of PSA.  Cindy Schneible is the Executive Director of MCDC.

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