The Dallas Cowboys are coming to Frisco.
Corporate headquarters for the Cowboys and a stadium facility will be built with a combined $115 million in funds from the city of Frisco, Frisco Community Development Corp., Frisco Economic Development Corp. and Frisco ISD.
City officials say the funding will not require a tax increase in the city of Frisco or Frisco ISD taxing districts.
The stadium and Cowboys' corporate headquarters will be at the northwest corner of the Dallas North Tollway and Warren Parkway. The project is being billed by the city as the core of what will become a mixed-use development area of retail, restaurants and housing surrounding the sports facilities.
Owned by the city in partnership with Frisco ISD, the stadium will be leased to the Dallas Cowboys as a training facility, but will also be used for Frisco ISD sports and other school and city events.
Frisco ISD Superintendent Jeremy Lyon said the district needs to expand its extra-curricular facilities, and the Cowboys presented Frisco ISD with an "extraordinary opportunity to partner" with the team to build a stadium for sports, graduation ceremonies, band and other events.
He said the project will cost the district the same or less than what it would cost to build its own stadium.
"For that same $30 million we get a premier state-of-the-art facility and we do not incur the same maintenance costs," Lyons said.
All maintenance and operations expenses for the facility will be paid for by the Dallas Cowboys, as well as any construction costs over the combined $115 million in city and school funds.
Frisco ISD and the city of Frisco will pay only minimal operating costs to use the facility.
The 91 acres of land has been owned by the Frisco CDC since December 2010. It is adjacent to the area known as Frisco Station, an approximately 250-acre tract of land the city has already approved for mixed-use development.
"It's these kind of deals that allow our homeowners to enjoy almost the lowest property tax rates in the entire area," said Frisco City Councilman Tim Nelson. "Complement that with no state income taxes and the amenities we have, and I think the people of Frisco are doing alright."
The project will be paid for with existing sales tax money and through the city's Tax Increment Financing District.
Funding sources include:
$30 million from the city of Frisco's tax increment funding zone for the stadium and parking.
$30 million from Frisco ISD's tax increment funding zone for the stadium and parking.
$25 million from Frisco CDC sales tax funds for the stadium and parking.
$5 million from Frisco EDC sales tax funds for infrastructure.
An addition $25 million from Frisco EDC sales tax funds for the Cowboys' corporate headquarters.
Nelson said he received many calls about the use of citizen dollars in the project.
"Members of the council were steadfast in their approach to this in saying that we wouldn't use those type of dollars, that we wouldn't use any type of eminent domain... in order to make this type of project happen," he said. "I think we were successful all the way around."
The stadium is scheduled to be finished sometime in 2016.