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A public-private project between Frisco and FC Dallas to renovate Toyota Stadium could be right around the corner.
What’s happening
Frisco City Council members will consider multiple items related to a Toyota Stadium renovation project and more during a Sept. 17 meeting. These include:
The three items are closely related, according to meeting documents. Altogether, they establish the financial, management, planning framework and partnership structure required to deliver the proposed improvements.
The details
Renovating Toyota Stadium will enhance guest experiences, according to a Sept. 16 FC Dallas news release.
Stadium renovations would include:
Renovations are one piece of redevelopment headed for Toyota Stadium, according to meeting documents. The proposed improvements involved in creating a proposed mixed-use district would include adding:
Hunt Sports Group, the group overseeing FC Dallas, will work with the community to refine this vision and submit plans through the city’s zoning and development review process, according to a statement included in meeting documents.
The breakdown
In order to kick off the stadium and mixed-use improvements, officials with the Hunt Sports Group requested project financing and support from its city partners.
This is where the reimbursement and performance agreement comes in, according to meeting documents. The agreement would allocate the public facility debt service payment in the following ways:
Any stadium capital improvement costs in excess of $182 million would be the responsibility of Hunt Sports Group, according to meeting documents.
Hunt Sports Groups would also be under a strict time frame to receive other reimbursements from the city.
This includes receiving a $25 million grant and a material sales tax grant from the Frisco Economic Development Corporation if some features, including the hotel, multifamily units and retail are finished by 2035 and some office space and parking structures are finished by 2037.
Get involved
The meeting will be held at 6 p.m. Sept. 17 inside Council Chambers at the George A. Purefoy Municipal Center, located at 6101 Frisco Square Blvd., Frisco.
