A Hyatt Regency Hotel has plans to come to Frisco's Stonebriar Centre. Frisco City Council approved an agreement April 5 to purchase the hotel's conference center for $10.5 million. The Frisco Economic Development Corp. board still has to vote on a performance agreement for the hotel in which the FEDC would contribute $3 million toward the cost of the hotel's infrastructure. The Frisco Community Development Corp. also has to vote on the agreement to provide $3 million as a back-stop to the FEDC's funding. The Hyatt is planned to have 15 stories and 295 rooms. It is planned to be built between Nordstrom and Dillard's and attach to the mall on the ground floor. The hotel will also feature a parking garage with at least 800 parking spaces. City Council also approved a separate agreement during the April 5 meeting to fund up to $15 million for the cost of the parking garage. Plans for the Hyatt also include a 3,000-square-foot space that the city will lease for $1 per year for 20 years for the development of a city library. "Make no mistake, this is a huge day for Frisco," Council Member Scott Johnson said. "This is a big project. It's a game changer for Frisco." The hotel's conference center is expected to be at least 50,000 square feet and include a grand ballroom, a junior ballroom and additional breakout spaces. The city plans to purchase the conference center upon the hotel's completion. The agreement specifies that the hotel must be completed within 2 1/2 years from the start of construction. Assistant City Manager Ron Patterson echoed some of the council members who said this hotel brings an opportunity to reinvest in a significant part of Frisco. "It really is a big benefit because it allows us to be able to refresh there at Stonebriar," Patterson said. "It is very important, as everybody knows, to the community, and we feel like this would be a great asset to be able to bring this to that location."