Master Development Agreement for Joint Venture Special Events and Sports Facilities and Mixed Use Development City of Frisco Community Development Corporation.

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Presentation transcript:

Master Development Agreement for Joint Venture Special Events and Sports Facilities and Mixed Use Development City of Frisco Community Development Corporation Economic Development Corporation

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

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)

AgencyAmountSource City – Stadium\Parking$30M TIRZ#1 FISD – Stadium\Parking$30MTIRZ#1 FCDC – Stadium\Parking$25MSales Tax FEDC – Infrastructure$5MSales Tax $90M FEDC – Cowboys Corporate HQ$25MSales Tax $115M* ** *No increase in Property or Sales Tax Rates for City, FCDC, FEDC or FISD to 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. Project Financing

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 Benefits to FISD and City