A TIRZ captures growth in property tax value. Revenue generated from that value goes into a separate fund. Taxes generated from the captured value are restricted to funding improvements within Frisco City Council-approved TIRZ boundaries.
The new TIRZ encompasses nearly 890 acres associated with the Fields development, according to Deputy City Manager Ron Patterson. Its base capture value is over $41 million, and in 30 years, the value is expected to soar to around $10.7 billion.
In addition, City Council on Nov. 16 approved a 585-acre expansion of TIRZ 1 to include golf courses associated with PGA Frisco. Three public golf courses associated with the PGA are expected to cost $35 million, Patterson said.
The TIRZ expansion will fund more than $19.1 million of that cost. A total of over $6.3 million from the TIRZ will also go toward the city’s conference center at Hyatt Regency Frisco-Dallas, which has a total cost of over $16.5 million. An $18 million parking structure at the Stonebriar Centre mall will also be fully funded by the expansion.
Mayor Jeff Cheney said much work goes into creating a TIRZ.
“To tackle these and be able to do them is why we have these kinds of products here in Frisco,” he said.
