City Council approved the $16.5 million purchase price at its Nov. 19 meeting.
Some of this money comes from the city’s tax increment reinvestment zone, which was first established in 1997 around the mall property and has been expanded over the years to include multiple projects. A TIRZ puts revenue from property tax growth into a separate fund to finance projects and improvements in that zone.
Other funding sources for the conference center include Frisco’s community development corporation, economic development corporation, and hotel and motel fund, according to a city presentation at the meeting.
The council also approved an amendment to expand the land within the special taxing district to include the Professional Golfers’ Association of America headquarters property.
The property is located south of Rockhill Parkway between Teel Parkway and the Dallas North Tollway.
Council also approved an incentive agreement to fund the new 1,250-space parking garage at Stonebriar Centre. The city will pay $18 million over 10 years for the garage, which will accommodate visitors to KidZania and Hyatt Regency Stonebriar hotel. The city will also be able to use the garage as overflow parking for events at Roughriders Ballpark.
“My only offsetting frustration is when we provide significant economic incentive for a parking garage, then the entity that’s managing the garage uses a significant portion of it for non-public use, for monetizing it for valet parking, for instance,” council member Will Sowell said at the meeting. “I’ll support it tonight, but as we move forward, I think it’s something we should address.”
A public hearing on these latest changes to the special taxing district is scheduled for the Dec. 3 regular City Council meeting.