1 / 5

Master Development Agreement for Joint Venture Special Events and Sports Facilities and Mixed Use Development

City of Frisco Community Development Corporation Economic Development Corporation . Master Development Agreement for Joint Venture Special Events and Sports Facilities and Mixed Use Development. Subject Property. 91.645 acres (Red)

chinara
Télécharger la présentation

Master Development Agreement for Joint Venture Special Events and Sports Facilities and Mixed Use Development

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. City of Frisco Community Development Corporation Economic Development Corporation Master Development AgreementforJoint VentureSpecial Events and Sports Facilitiesand Mixed Use Development

  2. Subject Property • 91.645 acres (Red) • Located on the northwest corner of the Dallas North Tollway and Warren Parkway • Owned by the Community Development Corp. since December 2010

  3. Property Development • Located adjacent to Frisco Station (Blue-Approx. 250 ac.) • Provides a unique, experienced development partner (Blue Star) • Blue Star to purchase acreage not used for sports facilities and corporate HQ for private development (Mixed Use Tract) • A Tax Increment Financing Zone (TIRZ) to be formed on Mixed Use Tract – fund $20M for structured public parking (Similar policy has been used on comparable tracts in City)

  4. Project Financing AgencyAmountSource • City – Stadium\Parking $30M TIRZ#1 • FISD – Stadium\Parking $30M TIRZ#1 • FCDC – Stadium\Parking $25M Sales Tax • FEDC – Infrastructure $5M Sales Tax $90M • FEDC – Cowboys Corporate HQ $25M Sales Tax $115M* ** * No increase in Property or Sales Tax Rates for City, FCDC, FEDCor FISDto provide this funding is projected. The existing sales tax stream and the Tax Increment Financing District will be utilized. ** Any and all construction cost overages on the stadium or the corporate headquarters building are the responsibility of the Cowboys.

  5. Benefits to FISD and City • FISD already planned another football stadium; simply putting the same amount of funds into this facility to obtain more return on its investment • FISD will see an operating savings in that the Cowboys will be responsible for all maintenance and operation cost; a savings for the District over building a standalone facility; District will only pay event day expenses which have been capped • City will see increases in property tax base and sales tax with the development that will occur on the Mixed Use Tract • City will see increased events and tourism at the special events and sports facilities leading to additional hotel room nights, restaurant patronage, and increased retail sales

More Related