The entity's creation was the result of a development agreement and subsequent funding agreement between the city of Plano and developer Centurion American, according to a city staff memo. According to the memo, the corporation provides "all the safeguards for spending public funds" and "does insulate the city from owning the garages as a city facility." The memo stated Centurion American funded the creation of the corporation, and there is no financial impact to the city.
With the vote, the council authorized the certificate of formation and the bylaws, the appointment of a board of directors, hiring an executive director and the transfer of real property to Plano parking facilities.
The initial board will comprise Mark Israelson, Peter Braster, Jack Carr, Denise Tacke and Jason Gregorash.