Plano city staff will be able to utilize a new economic development tool after approving the policy statement for a new program, which can help finance improvements to existing retail developments.

Plano City Council approved the policy statement for a retail revitalization program during its Feb. 12 meeting.

The context

Director of Special Projects Peter Braster presented an overview of the program in October before returning in January with a draft policy statement. He said a retail revitalization program has been something city staff have been working on for several years.

Most of the city’s shopping centers are located at the intersection of two boulevards, Braster said, and can be a source of value for nearby neighborhoods. An example of successful revitalization was Green Vine Market, located near the intersection of 18th Street and K Avenue, he said.

“We used that funding as a test case,” Braster said. “It was really successful and spurred on an idea that we could do it and do it well.”

The details

As part of the new revitalization program, there are nine types of incentives available, according to city documents.
  • Location grant
  • Lease buy-down
  • Facade improvements
  • Demolition
  • Landscaping
  • Lighting
  • Signage
  • Paving and utilities
  • Neighborhood pedestrian connections
Existing pad sites or new retail spaces are ineligible for incentives from the program, per city documents.

Looking ahead

Braster said the program has been publicized to landlords of shopping centers throughout the city. However, the program is not meant to pay the entirety of changes, rather it is a contribution to help a willing landlord partner in updating a retail center.

He added that the program is an economic tool that can help many of the city’s shopping centers update their look, or in some cases add necessary landscaping that is required by city ordinance.

“We want to make sure that every place in Plano looks as good as any other place,” Braster said.