Plano City Council unanimously approved a spending plan at its June 14 meeting for the revenue it expects the zone to generate.
Council members approved the use of the Collin Creek Mall area as a tax reinvestment zone, or a TIRZ, in January 2020. This form of financing captures growth in property tax value of a certain area and uses that captured value to fund improvements within that area.
The first $15 million generated from the zone will be used to pay back a loan from the North Central Texas Council of Governments to build a parking garage on the Collin Creek property. Another $24 million is being set aside to construct a second parking garage on the zone’s west side.
The TIRZ can then be used to fund various projects across the 300-plus acres that make up the development. Collin County is also dedicating a portion of its taxable value within the TIRZ to redevelopment projects.
The demolition of the original Collin Creek Mall has been underway since the start of the redevelopment in 2019. The first phase of the project, which includes new apartment buildings, restaurants and underground parking, is expected to open in 2022.
Once complete, the area will transform into a $1 billion mixed-use destination with up to 3,100 new residential units and a series of new office, restaurant and hotel buildings.
A completion date for the project has not been set.