Plano City Council on Jan. 13 approved a tax zone and public improvement district that will designate funding for public infrastructure and other support for the $1 billion, mixed-use project.
The two measures are part of a road map for public assistance the city laid out in July for revitalizing the mall, once one of the area’s premier retail destinations. Developer Centurion American bought the first properties in late 2018 and announced its intention to tear down the anchor stores and build a new destination featuring residential space.
Director of Special Projects Peter Braster told council members that without these measures, the developer would most likely not be able to go through with the long-awaited project.
The tax increment reinvestment zone approved this week would set aside some property tax revenue that would have gone to the city’s general fund and instead designate it for the project.
The new public improvement district covers the eastern portion of the mall property and most of the planned commercial uses. A separate public improvement district is expected to be proposed in the future for the western side of the property and would primarily support residential development on the property.