City Council members voted at a meeting Oct. 7 to call a public hearing on the parking garage funding.
The details
The hearing, slated for Oct. 21 during the regular council meeting, will be held to determine if the city should issue debt to cover the cost of the parking garages.
The funding could come from the tax increment reinvestment zone, or TIRZ, where Fields West is located. A TIRZ allows a city to create a tax base in a specific zone and use those collected funds for improvement projects, such as parking. There are several of these zones in Frisco.
This funding could help pay for the parking garages planned for the development, according to the city’s website.
The background
Fields West is a 55-acre urban village in the broader Fields development, a 2,500-acre master-planned community.
Construction is underway with the phased development to start coming online in mid-2027 to 2028. It is expected to include 350,000 square feet of retail space and 325,000 square feet of Class A office space.
The project is led by developer Fehmi Karahan, president and CEO of Karahan Companies.
Looking ahead
City officials are looking for feedback from residents during the public hearing on whether some of this fund can be used to repay the debt issued for the parking garages.
The board that oversees the TIRZ will also meet Oct. 21 before the regular council meeting to discuss the parking garage funding.
