Frisco January 2022

CITY Frisco to benet from latest tax increment reinvestment zone Frisco City Council on Dec. 7 approved its seventh tax increment reinvestment zone. Also known as a TIRZ, it is a spe- cial taxing district used by many local governments to support development, infrastructure and drive revenue within a community. A TIRZ captures growth in property tax value. Revenue generated from that value goes into a separate fund. Taxes generated from the captured value are restricted to funding improvements within Frisco City Council-approved TIRZ boundaries. The new TIRZ encompasses nearly 890 acres associated with the Fields develop- ment, according to Deputy City Manager Ron Patterson. Its base capture value is over $41 million, and in 30 years, the value is expected to soar to around $10.7 billion. In addition, City Council on Nov. 16 approved a 585-acre expansion of TIRZ 1 to include golf courses associated with PGA Frisco. Three public golf courses associated with the PGA are expected to cost $35 million, Patterson said. The TIRZ expansion will fundmore than $19.1 million of that cost. A total of over $6.3 million from the TIRZ will also go toward the city’s conference center at Hyatt Regency Frisco-Dallas, which has a total cost of over $16.5 million. An $18 million parking structure at the Stonebriar Centre mall will also be fully funded by the expansion. Mayor Je Cheney saidmuch work goes into creating a TIRZ. “To tackle these and be able to do them is why we have these kinds of products here in Frisco,” he said. BY MATT PAYNE

RAISING REVENUE Frisco City Council recently approved a new, seventh tax increment reinvestment zone and expanded its rst.

Key

TIRZ No. 1 expansion TIRZ No. 7 New roads

TIRZ NO. 7 890 ACRES Created on Dec. 7, 2021 50% of ad valorem taxes to be collected from taxable property Expected value of $10.7B in 30 years

FIELDS PKWY.

DNT TOLL

TIRZ NO. 1 EXPANSION

585 acres were added to the existing TIRZ No. 1 to support public golf courses at PGA Frisco.

PANTHER CREEK PKWY.

collected since 1997 3,097 acres after expansion $1.84B

Originally established in 1997

HOW DOES IT WORK? A TIRZ is created to take advantage of anticipated growth in property value. When one is created, tax revenue from existing property value continues to be paid to the city. As the value of the land increases, that extra property tax revenue is funneled into a separate TIRZ fund for use on specic projects.

SUPPORTED PROJECTS Money generated through these TIRZs will help fund infrastructure in the area.

TIRZ NO. 1 EXPANSION

TIRZ NO. 7

By 2051, the city’s seventh TIRZ is expected to generate $10.7 billion.

Public roadways

Public golf courses

Hike-and- bike trails

TIRZ fund

Utilities and drainage features

Water and sewer lines

Base level of tax collection

2021

2051

SOURCE: CITY OF FRISCOCOMMUNITY IMPACT NEWSPAPER

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FRISCO EDITION • JANUARY 2022