Frisco City Council discussed consolidating two existing programs offered to Rail District businesses in an effort to garner more participation during a work session July 1.
The approach
Ken Schmidt, director of special projects for the city, told members of the City Council that the new single grant program could be operated by the Frisco Community Development Corporation.
Businesses must be in the original town commercial district, be considered commercial uses and comply with city regulations to be eligible for the programs. That would not change if the programs were consolidated.
The original town commercial district is a part of the Rail District.
There would be broadened eligibility for area businesses under the new program, which would prioritize architectural character and tourism enhancement near Toyota Stadium, which sits near the original town commercial district.
There would also be a $300,000 cap on the matching grant provided under the proposed program.
Businesses could see matching grant funds for new construction under the proposed program. This is not allowed under the two existing programs, Schmidt said.
“What we've done with this updated iteration is going to streamline the process for all involved,” said Lauren Williams, FEDC’s manager of downtown services and real estate.
City Council members directed staff to continue with the consolidation plans and bring it back for their consideration at a later date.
The background
There are two grant programs currently offered to Rail District businesses that allow them to receive 50% matching funds for improvements to their establishments.
One is offered through the Frisco Economic Development Corporation. The other is offered by the Frisco Community Development Corporation.
The city has seen low participation rates in both programs, with many businesses’ applications being denied for various reasons.
