Plano City Council on July 22 approved a development agreement that outlined a series of steps—which have yet to be approved—that the city staff believes is necessary for the mixed-use redevelopment of the once-proud mall property.
“Staff does not believe the mall’s redevelopment can occur without the City’s participation,” the city’s Director of Special Projects Peter Braster said in a letter presented to council members before the vote.
The council in April approved a plan by Farmers Branch-based developer Centurion American to tear down the struggling mall’s anchor stores and transform the property into a $1 billion mixed-use destination.
The plans made way for 3,100 new residential units and a series of new office, restaurant and hotel buildings.
As part of the agreement, the city scheduled public hearings Aug. 26 related to the creation of two new public improvement districts, which would tax those local properties in order to support up to $172 million in bonds.
The city also announced its intent to form a new tax zone that would generate $109 million in tax revenue over the next 36 years from the mall’s 99 acres of property. The city could also consider expanding this zone to the commercial properties surrounding the mall.
Further details on this tax increment reinvestment zone will be presented to the council in September, the agreement says.
In addition to these new taxing zones, the city plans to fund $60 million in public infrastructure improvements and the renovation of the drainage culvert.
The developer is holding an event for the public to say farewell to the mall at 6 p.m. July 26.