Frisco City Council on Jan. 19 approved project and financial plans for the city’s sixth tax increment reinvestment zone, which council members created in their Dec. 1 meeting. The new TIRZ encompasses the 175-acre Hall Park at Warren Parkway and Dallas North Tollway.
Reinvestment zones collect growth in property tax value of a certain area. Money generated within a TIRZ funds public improvements within the area without creating new taxes. In this TIRZ, 50% of property taxes and 50% of sales tax generated within its boundaries will be recaptured.
The property's taxable value when the TIRZ was created is estimated to be over $632 million. By 2045, when the TIRZ is set to expire, that value is expected to more than quadruple to more than $2.6 billion, according to city documents.
Projects funded by the TIRZ may include public parking facilities, Gaylord Parkway improvements for road capacity, utility improvements, landscaping, open space and other amenities, according to a memo prepared for the city.
Hall Group, the developer of the property, has already begun redeveloping the area. Two three-story office buildings were demolished in March at the corner of Warren and Gaylord parkways.
Redevelopment will include a new building at the corner of Warren Parkway and Internet Boulevard and a parking structure to be located next to a potential performing arts facility in partnership with Frisco ISD.
Mayor Jeff Cheney said the TIRZ and the Hall Park buildout exhibit a strategy upon which Frisco has thrived: public-private partnerships. He underscored its relevance throughout North Texas and noted how it is comparable with Klyde Warren Park in Dallas.
“It’s really going to set it apart,” Cheney said. “I’m not aware of any kind of commercial development that rivals it within the metroplex.”
