Director of Special Projects Peter Braster presented a draft retail revitalization program policy to Plano City Council during its Jan. 22 meeting. During the meeting, council members were receptive to the addition of the economic incentives.
The overview
Braster said the goal of the program, which was originally presented in October, was to provide support to struggling retail centers and help complement efforts by property owners and management companies. If adopted, city staff would likely look to provide a city contribution of around 10% of the total reinvestment in the property, he added.
According to city documents, a previous revitalization effort in 2018 that resulted in the development of Green Vine Market utilized a city contribution of $500,000 while the developer spent $4.5 million. Per the documents, the value of the property has doubled over four years.
“It’s not to pay for everything, but it’s meant to augment and push them higher,” Braster said.
Braster said applicants for the program would go through the normal economic incentive process that includes a city staff committee review, impact analysis, council briefing and council approval.
Quote of note
“It’s not just what do you want to do and how much do you want,” Braster said. “It's about partnering with them to get a better project.”
The details
There are nine types of grants outlined in the draft policy.
- Location grants
- Lease buy-downs
- Facade improvement
- Demolition
- Landscaping
- Lighting
- Signage
- Paving and utilities
- Neighborhood pedestrian connections
What’s next?
Once the policy is adopted, city staff will look to analyze retail centers undergoing change in Plano and reach out to promote the new program, per city documents.
