Plano City Council approved an economic incentive development agreement with 5600 HQD Acquisitions worth over $1.9 million during its April 8 meeting.
The overview
The economic incentive development agreement with the company stipulates that over $20.2 million in site improvements must be made to obtain the full grant. Per city documents, the company can obtain a prorated amount of the more than $1.97 million grant based on the value of improvements.
According to city documents, planned improvements can include:
- A pickleball court
- Outdoor fireplace or fire pit and other site amenities
- A hike and bike trail along Parkwood Boulevard
- A perimeter sidewalk along Headquarters Drive
- An indoor fitness center
With the agreement in place, the tenant has a deadline by which to make the improvements and apply for reimbursement. According to city documents, the grant will be paid out within 30 days of receipt of the grant request.
The agreement will last until Dec. 31, 2025, or the company obtains a certificate of occupancy for a building located at 5600 Headquarters Drive, whichever comes first, per city documents.
