Council members tabled a request that would rezone the property containing the former Electronic Data Systems headquarters during the Oct. 23 meeting. Director of Planning Christina Day said there were still some outstanding concerns to address prior to the approval of the rezoning request.
The overview
Dallas-based developer NexPoint is planning a $3 billion investment into the 91-acre EDS campus along with an integration of 109 acres from the neighboring Legacy neighborhood, per a company news release. The Plano Planning and Zoning Commission initially recommended the project for approval at its July 17 meeting.
According to city documents, development for what NexPoint is dubbing the Texas Research Quarter is scheduled to take place across four phases and include park space, midrise residential space, lab space and potentially a hotel.
Dig deeper
Council previously tabled consideration of the zoning change at its Aug. 14 and Sept. 11 meetings.
Additionally, in a preliminary open meeting, Director of Special Projects Peter Braster presented a proposal to create a tax increment reinvestment zone, which diverts some tax revenues into a special fund to invest within a given area over a fixed period of time. Per Braster’s presentation, the zone would have a term of 25 years with 65% of additional property tax value growth diverted into the special fund for the area.
After the 25-year period, any remaining revenues would be added to the city’s fund balance, and the zone would be dissolved.
What’s next
Based on council direction, the rezoning case will likely be considered in November.
