Plano ISD’s board of trustees approved district participation in the new Tax Increment Reinvestment Zone, or TIRZ, to partially fund an incoming Dallas Stars arena.
Deputy Superintendent Johnny Hill provided a presentation about the new zone to the board June 23.
What you need to know
A TIRZ funds improvement projects within a defined area with tax revenue growth, per previous reporting. TIRZ 6 is made up of almost 900 acres along the Dallas North Tollway and will fund the city’s portion of construction for the Stars arena for up to $700 million.
PISD will contribute 50% of its captured appraised value to the fund for up to 25 years, according to district documents. The district’s participation will not add any new taxes for residential property owners, Hill said.
PISD board President Lauren Tyra said the city’s ownership of the stadium, facility use agreement, partnership opportunities and support that will come from the TIRZ to residents contributed to the school district’s decision.
“[The Willow Bend] area has never held the promise that we were sold as a community at the time,” she said. “And if I have the opportunity to reinvest this money in our community and then that is going to flow back into the district ... I think that’s a massive win for the district and a massive win for students.”
The details
Some benefits from the new zone for the district include:
- More Career and Technology Education opportunities for students in the district’s boundaries
- Graduations within district boundaries at a new venue
- Access to a professional facility for students and staff
- Property value increases to strengthen the district’s long-term tax base
- Potential future partnerships for students and the community
Hill said the district will also see additional revenue that will not be subject to recapture by the state from the agreement.
Looking forward
The district will determine a cap on its total contribution before the agreement begins, Hill said. The board will also negotiate terms before the final agreement is presented for approval.
The cap and its additional details will be presented to the board in August, Hill said.
