Plano council authorizes nearly $2M economic incentive to upgrade Legacy Business Park

Plano City Council approved a resolution for an economic development grant worth nearly $2 million to developer A&M Peak LTC for proposed improvements to several buildings along Tennyson Parkway and Democracy Drive.

The economic development incentive agreement, approved during the Dec. 11 meeting, includes $1.85 million in funds for improving the location, while $142,000 is earmarked to cover city fees for the project, according to city documents.

The gist

City Manager Mark Israelson said the grant is part of a building modernization program with the goal of making certain spaces within the city more attractive. The current site is located within the Legacy Business Park at 5228 Tennyson Parkway.

“The goal of the building modernization program is to invest in real property in a way that helps make the commercial real estate market in Plano more robust, more attractive to the needs in the environment for leasing,” Israelson said.

Per information included in the agreement, improvements include:

• Adding an indoor tenant lounge and fitness center within the business park
• Sidewalk improvements along Pinecrest Drive, Tennyson Parkway and Democracy Drive
• Adding an outdoor shade structure and electric fireplace
• Adding outdoor furniture, fixtures and equipment for the green belt and site amenities