According to Cary Moon, who represents District 4 on Fort Worth City Council, a public-private partnership between the city, Keller ISD and private developers could result in a $900 million development at the proposed 300-acre site, which would be anchored by a $175 million stadium.
Potentially located at the northeast corner of Basswood Boulevard and I-35W, the new facility could serve as the site of a Fort Worth professional soccer or lacrosse team, and Keller ISD would have access to the facility around 30% of the time, Moon said.
“My hope is that the majority of the legal, architectural and engineering designs take place in the first three quarters of 2021,” Moon told the KISD board. “It’s ambitious, but some facilities could be available at the start of the 2022 school year.”
As with The Star in Frisco, the public-private partnership would allow the stadium to be an anchor for further real estate development, Moon said. The cost of the stadium would be supplemented by a TIFZ, or tax increment financing zone ,at the proposed development location using the district’s current interest and sinking rate of $0.34 per $100 valuation, he said.
“That land is currently not generating tax dollars,” Keller ISD Superintendent Rick Westfall said. “As it is developed and appraisals rise, money from the I&S would go to the development, while any M&O [maintenance and operations] tax dollars continue to go to the district.”
According to Westfall, the district had previously issued a nonbinding letter to the city of Fort Worth expressing interest in a partnership to better serve both communities. The development of a new athletics and fine arts stadium would address multiple long-term planning concerns for the district, Westfall said.
“This tackles that need for an additional athletic center and performing arts center and at a lower cost to the district,” he said.
Other potential costs for the district include initial lump sum contributions to the development and annual payments for operations and maintenance of the new stadium. The goal of the project is ultimately to be budget-neutral, Moon said.
“We have found there is a lot of demand to bring sports tourism to Fort Worth, and these types of projects will open those doors for us,” he said.