[00:00:02]
A NEW DEVELOPER IS STEPPING IN WITH A NEW PLAN AND VISION.
“THIS ITEM IS TO DISCUSS A PROPOSAL WITH THE MIX DEVELOPMENT FOR A MASTER DEVELOPMENT AGREEMENT.” “THIS PROJECT HAS A LONG HISTORY IN FRISCO LORE I WOULD SAY.” THE 112 ACRE MIXED-USE PROJECT, AT THE SOUTHEAST CORNER OF DALLAS PARKWAY AND LEBANON ROAD, WILL REINVENT WHAT WAS FORMALY KNOWN AS WADE PARK.
“THIS AGREEMENT PROVIDES PERFORMANCE-BASED INCENTIVES FOR PHASE 1 FOR THE NEEDS ASSOCIATED WITH THE PROJECT AND THE SUBTERRANEAN GARAGE.” THE AGREEMENT PROVIDES MORE THAN $113 MILLION IN PERFORMANCE-BASED GRANTS FROM THE CITY OF FRISCO, THE FRISCO ECONOMIC DEVELOPMENT CORPORATION AND THE FRISCO COMMUNITY DEVELOPMENT CORPORATION FOR PHASE 1. FIRST THE DEVELOPER NEEDS TO REWORK THE SUBGRADE PARKING GARAGE, OR HOLE.
“WE’RE VERY EAGER TO BEGIN CONSTRUCTION. THE HOLE IS 7 ACRES ACROSS AND 50 FEET DEEP. THERE’S OVER 100 MILLION GALLONS OF WATER IN IT NOW THAT WE NEED TO PUMP OUT, SO IT’S VERY LARGE. I THINK 2 AND A HALF OF THE FORD CENTER CAN FIT INSIDE IT.” PHASE 1 ALSO INCLUDES A CLASS A MEDICAL OFFICE BUILDING, AN UPSCALE GROCERY STORE AND RETAIL.
“THAT $113 MILLION IS NOT BEING PAID OUT UNTIL THE HOLE IS DONE AND THE GARAGE IS DONE AND PHASE 1 IS DONE. SO WE ARE PROTECTING THE TAX PAYER.” $103 MILLION OF THE INCENTIVE AGREEMENT WILL BE PAID WITH THE TAX REVENUE GENERATED BY THE PROJECT ITSELF.
"I THINK IT’LL MAKE SURE THAT THE PROPERTY GETS TO THE STANDARDS THAT FRISCO EXPECTS AND I LOOK FORWARD TO CLOSING THE CHAPTER ON THE OLD ON THIS AND MOVING FORWARD.” THERE ARE 3 ADDITIONAL PHASES TO COMPLETE THE MIXED-USE DEVELOPMENT.
“THIS INCLUDES $341 MILLION IN ADDITIONAL LOCAL TAX REVENUES OVER 30 YEARS OF THE PROJECT FOR THE CITY, COUNTY AND OTHER TAXING DISTRICTS.” “WE’RE MORE EXCITED THAN EVER TO HAVE ANOTHER GROUNDBREAKING ON THAT PROPERTY.” “WE’RE JUST READY TO SEE IT ACTUALLY HAPPEN NOW.” “CLEARLY THIS IS NOT DEVELOPMENT FOR THE SAKE OF DEVELOPMENT. OUR CITIZENS HAVE BEEN PATIENT. CITY STAFF HAS BEEN DILIGENT AND THE MIX, YOU GENTLEMEN HERE, HAVE NEVER SHIED AWAY FROM THE TOUGH QUESTIONS.” “I CANNOT WAIT TO SEE A BULLDOZER OUT THERE, TO SEE SOMETHING ACTUALLY CHANGING.” “I’D LIKE TO MOVE TO APPROVE ITEM 34 AND FILL THE HOLE.” AND WITH THAT, THE FRISCO CITY COUNCIL VOTED TO MOVE FORWARD WITH THE MASTER DEVELOPMENT AGREEMENT FOR THE MIX.
“THE FINAL OUTCOME WILL BE A ROUGHLY $3 BILLION MIXED-USE WORLD CLASS DEVELOPMENT WITH SUBGRADE PARKING AND A NEW BRAND NAMELY FOR A NEW CHAPTER IN THE STORY OF THE PROPERTY ON THE TOLLWAY.”
* This transcript was compiled from uncorrected Closed Captioning.