Plano City Council approved the incentive during the Aug. 26 meeting, which will be paid for using funds from a tax increment reinvestment zone created around the development, NexPoint’s proposal is to redevelop the existing Electronic Data Systems campus it purchased in 2018.
What you need to know
According to city documents, NexPoint is required to invest close to $136 million to fulfill terms of the agreement, which only pertains to the project’s first phase. The first phase of the project is expected to create 2,000 jobs, according to previous reporting.
According to a construction timeline filed with the city, construction could begin this fall and is expected to last until 2026.
The details
Per city documents, improvements included in the first phase include:
- A new 200,000 square foot manufacturing facility
- Construction of a new central utility plant
- Upgrades to the power infrastructure on the site
- Modifications to a parking garage at the southern end of the property
- Demolition of the northern parking garage and site work for future improvements
What’s next?
The developers are still aiming to secure tax increment contributions from Plano ISD and Collin County, which would be paid into the tax increment reinvestment zone’s fund.
According to city documents, the tax increment reinvestment zone has a 25-year term, which ends in 2049, although the last payment will be made in early 2050.
