The city is purchasing the land, located on the southwest corner of Panther Creek Parkway and Preston Road, with the Frisco Community Development Corp. The Frisco Economic Development Corp. may also contribute to the purchase of the park land, which will total about $61 million.
The city is purchasing about 247 acres of land for $34 million from voter-approved bonds. The FCDC approved a maximum of $23 million for 100 acres of land during its meeting last week. Should the FEDC not contribute to the purchase of the land, the city would pay for the remainder of the land purchase.
City staff said the Parks and Recreation Master Plan identified a need for about 400 acres of land for athletic fields. Out of the 390 acres on Brinkmann Ranch, about 250 acres is planned to be used for athletic fields.
City Council Member Will Sowell said this land use is far better than what could have been developed on Brinkmann Ranch.
"I think this is a sound business decision," he said. "An ancillary benefit as well is when the opportunity presents itself to acquire or otherwise facilitate the reduction in multifamily zoning."
Assistant City Manager Nell Lange said approximately 1,100 multifamily units would be eliminated from the city's buildout projections with this land being dedicated for park use.