The Master Development Agreement that was presented tonight at the special called city council meeting to go over all of the details regarding the plan for the 91.645 acres at the northwest corner of Warren Parkway and the Dallas North Tollroad.
The property has been owned by the Frisco Community Development Corporation since December 2010.
The property is located adjacent to the Frisco Station site which is the blue box below. The red box is the 91.645 acres for the joint venture.
Blue Star will be the developer, (not Hines Development out of Houston) and they have tremendous experience in development. Of the property, the domed stadium will take up around 34% of the 91.645 acres. The other 66% will be purchased by Blue Star not used for sports facilities and corporate Headquarters for a private development mixed used tract.
A Tax Increment Financing Zone (TIFZ) will be formed on a Mixed Use Tract which plans to fund $20 million for a structured public parking facility.
The Project Financing is above. Very shocking if you ask me. It looks as though the taxes WILL NOT go up regarding this project!
One of the council members stated at the end:
“And we welcome the Jones family to Frisco!”
And Mayor Maso is all smiles with positive energy after every response.
Way to go FRISCO!!!! Go Cowboys!!!!
Brad Holden – Holden New Homes – Licensed Texas Real Estate Broker