In the agreement, the city is offering $1.5 million for a parking structure and waiving half of the thoroughfare, water and sewer impact fees for the entire project if Nack Development—the developer on the project—meets all the requirements in the agreement.
The Frisco Economic Development Corporation will consider a qualified infrastructure grant of $101,250 during the board of directors meeting Wednesday.
The agreement outlines the following requirements for Nack Development to meet in order to receive the incentive:
- The project must include a minimum of 40,500 square feet of mixed-use development.
- It must also include a three-story parking garage with at least 117 parking spaces.
- The parking garage would include open space on the third level with a courtyard containing trees, picnic tables and benches.
- Construction must begin within one year of the agreement start date and be completed within two years of the agreement start date.
- The developer must contribute $1.5 million toward the cost of the parking garage and would be responsible for any cost toward the garage of more than $3 million.
Several residents and business owners asked the council to approve the agreement, expressing the need for more parking in old downtown Frisco.
Patios at the Rail is planned to include two rooftop patios, a rooftop park, restaurants and an event center as well as retail and office space.
