Plano City Council approved the creation of a west and east Collin Creek improvement district with a the adoption of a resolution at a Feb. 8 meeting.
The Collin Creek West Public Improvement District will finance a variety of public improvements, including street and roadway improvements; improvement of parks and open space; sidewalks and landscaping; and water, wastewater and drainage improvements. These improvements will be paid by the city through bonds, which will be repaid by a tax on the property after public improvements are made, according to city documentation.
Early work on these districts began with a July 2019 agreement between the city of Plano and the developer of the Collin Creek Mall Project, which outlined the city's role in the redevelopment of the Collin Creek Mall property.
The eastern side of the project was approved for a public improvement district in January 2020 but was brought back to council with new parameters to include what would have been the new JC Penney site on the redevelopment property. Council also approved a funding agreement outlining the parameters for establishing two public improvement districts in December 2020.
Current estimates for improvements are just under $24 million in the east district and $12.5 million in the west district, Director of Special Projects Peter Braster said. A full assessment for both districts will be brought back to council in March.
Demolition of the original Collin Creek Mall by developer Centurion American has been underway since the start of the redevelopment project 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 property will be transformed 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.