Government
BY CONNOR PITTMAN
DNT TOLL
TENNYSON PKWY.
DEMOCRA CY
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$2M set 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.
A zoning approval granted during the Dec. 12 continuation of the Dec. 11 Plano City Council meeting provided exemptions and clari cations to the zoning ordinance for Collin Creek Mall that will allow redevelopment to proceed.
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Zoning change made for Collin Creek Mall work A rezoning request to accommodate architec- tural designs of structures within the future Collin Creek Mall will allow the project to continue progressing as more construction is planned to start. Plano City Council approved a modi cation of development standards during its Dec. 12 continu- ation of the Dec. 11 meeting that will accommodate a few compliance issues with the zoning designa- tion of the property, Director of Planning Christina
Day said. The changes will allow for some over- hangs on buildings, clearly identify another area for independent living, and resolve an issue with full lot coverage next to a street along one block, according to city documents. The overview The backdrop to the zoning case includes progress made on completing utility work at the site along with the construction of model homes for the more than 500 single-family residences planned for Collin Creek Mall’s redevelopment, Director of Special Projects Peter Braster said. The construction of a parking garage with 1,976 spaces is also complete, which is planned to sit under future apartment buildings.
DNT TOLL Plano council approves creation of TIRZ around proposed life sciences campus An economic development tool in Plano that could also include Collin County, Plano ISD and Collin College was approved by city council. Council members unanimously approved the creation of Tax Increment Reinvestment Zone No. 5 in the Legacy Business Park area, which will include space in and around a proposed life sciences campus, during its Jan. 8 meeting. A tax increment reinvestment zone, or TIRZ, is an economic development tool that allows the city to use a portion of property tax revenues to fund public infrastructure projects. Digging deeper SRT TOLL LEGACY DR. HEDGCOXE RD. HEADQUARTERS DR. TENNYSON PKWY.
Per the draft plan, the TIRZ will last through 2049 with a nal payment made in 2050, but the zone can be dissolved sooner if the total value of project costs are funded. The plan includes agreements with Plano ISD, Collin County and Collin College to contribute portions of taxable value to the district. COMMUNITYIMPACT.COM
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