After the Dallas Cowboys deal came out, a lot of other figures and stats prove why Frisco is the place to live right now.
Back in mid-August, Frisco seemed to overpay for the Dallas Cowboys’ next-generation training facility by agreeing to $115 million-plus from Frisco taxpayers. That’s a lot of money for a city only a tenth of the size of Dallas right? Wrong.
I have recently uncovered that the City of Frisco has been blessed with money for new projects and incentives, thanks to good fortune, aggressive city planning and phenomenal growth.
Since the 1990s, Frisco has been collecting a 1 cent sales tax for economic and community development. (That was so smart!) And because of that, Frisco now has the largest amount of money for economic and community development of any city in the state of Texas!
According to the Texas comptroller records, Frisco collected $24.5 million for those purposes in 2012 alone. The closest city to Frisco was Corpus Christi which brought in $5 million LESS and has 2½ times the population of Frisco.
The total that the city of Frisco will be contributing to the Dallas Cowboys deal is around $150 million. Well, if you look at the Frisco economic and development 1 cent tax for 2012, that $150 would most likely only take 7 or 8 or 9 years! Already paid for is my guess!
But more interesting to me is the growth. This only helps Frisco Real Estates and new developments. Just look at these numbers from Frisco ISD through the years.
17 years ago in 1996, Frisco had five schools total and around 3,000 students. Today it has 56 schools and almost 46,000 students.
Sales tax in 1996 was $749,000 for schools. In 2012, it was more than $12 million!
The Frisco Independent School District has agreed to $30 million for the Dallas Cowboys practice stadium that also will be used for high school football and other events.
Other Frisco stats that make it the place to live are as follows:
•Frisco was the nation’s fastest-growing city from 2000 to 2009.
•Frisco is double the state median household income at $105,697
•Frisco home values average $248,000
• Frisco residents are smart too with 58 percent have at least a bachelor’s degree
And many have no idea about this one. Frisco has a special tax district that generates about $20 million in annual property tax. Known as TIRZ No. 1 (Tax Increment Reinvestment Zone), it was created initially for the the Stonebriar area when the vacant land was initially appraised at $16 million.
Land and improvements in Frisco are worth about $1 billion today, and the incremental tax will pay the debt for new schools, stadiums and the future Dallas Cowboys development.
The TIRZ 1 will continue in Frisco through 2038. TIRZ 1 paid $16 million for debt service last year alone.
If you are looking for a new home in Frisco or have questions about communities, schools, locations, builders, etc., text or call Brad Holden today at (469) 733-2723 for more information.
And check out some of the newest developments that have recently opened their lots like Lawler Park, Richwoods and Phillips Creek Ranch. Liberty Crossing is another that is planning to open end of 2013 as well.
Brad Holden – Holden New Homes – Licensed Texas Real Estate Broker