Sloan Corners moves forward following 10-year economic incentive agreement with Allen

Plans for Sloan Corners, a nearly 500-acre project, continues to move forward.

Allen City Council unanimously approved an economic development incentive agreement with Billingsley Company related to the construction of mixed-use development Sloan Corners at a Jan. 28 meeting. The 10-year agreement creates an additional stream of tax dollars for the city, and in return, Billingsley Company will receive a rebate for a portion of their construction costs, per city documents.

The overview

Sloan Corners is a mixed-use development located at the southern corners of US 75 and SH 121, spanning Allen and Fairview.

The project, developed by Billingsley Company, is slated to include:

• 10.6 million square feet of office space
• 220,000 square feet of retail space
• 6,000 multifamily units

Zoom in

Usually developers pay sales tax on construction materials to the location where the materials were purchased, city documents state. This agreement allows 50% of these taxes to go toward the city of Allen, the Allen Economic Development Corporation and the Allen Community Development Corporation.

In exchange for bringing in additional revenue to the city, Allen is giving the developer a 50% rebate on the sales and use taxes for the construction materials, according to city documents.

The agreement has a 10-year term and only incentives the sales and use taxes for construction materials purchased in the future, city documents state.

Looking ahead

The next city council meeting is scheduled for Feb. 10. The work session will begin at 6 p.m. and the regular meeting will start at 7 p.m.

Residents can view upcoming council agendas on the city’s website.