Tonight, the Frisco City Council approved agreements to extend the lease term for FC Dallas and to fund up to $182 million in improvements for Toyota Stadium.
The renovations include, but are not limited to, 3,400 more seats; a structure for shaded seating; upgrades to the club and luxury suites; as well as new broadcast booths and press box areas.
The council approved the agreements tonight. “We’re grateful to Clark and Dan Hunt for being part of an already successful public-private partnership that will span the next 30 years,” said Mayor Jeff Cheney. “This stadium was built more than 20 years ago on an empty field which, at the time, seemed to be in the middle of nowhere. Today, Toyota Stadium is synonymous with championships, marquee events, and youth development leagues not to mention being home to Major League Soccer’s FC Dallas. We embrace Toyota Stadium as an important part of our history, culture and economic success.”
The stadium improvements are possible through a public-private partnership involving the City of Frisco and the Hunt family, as well as the Frisco Independent School District (FISD), and the Frisco Community Development Corporation (FCDC).
“FC Dallas and the Hunt family have been tremendous partners to the Frisco Community Development Corporation for years,” said Karen Cunningham, Chair, FCDC. “We’re proud to reinvest in improvements for Toyota Stadium, which will help keep the venue competitive for years to come.”
The FCDC will issue sales tax revenue bonds to fund $182 million and contribute $40 million for its share. The City of Frisco and FISD are using a tax increment reinvestment zone (TIRZ) to fund its shares supporting stadium improvements. The Hunt family is responsible for up to $65 million, as well as any cost overruns exceeding the $182 million. The development agreement also extends the stadium lease more than 30 years.
$77 million – TIRZ: City of Frisco, FISD
$40 million – FCDC
$65 million – The Hunt family
$182 million – Total
The City of Frisco, the FCDC and the Frisco Economic Development Corporation (FEDC) will also provide separated material sales tax grants.
On September 17, the FEDC Board of Directors voted to incentivize the first phase of a mixed-use private development that includes:
Phase 1A – Hotel, Multifamily and Retail
- 200-room upscale hotel;
- 30,000 square feet of retail / restaurant space;
- Multifamily luxury, high-rise building, 200 units minimum;
Phase 1B Office and Parking Garage
- Class A office space, 200,000 square feet
- Parking garage
Following the completion of all phases, more than $1 billion in private investment is anticipated.
The FEDC performance-based incentives include a $25 million Qualified Infrastructure Grant, applied in two phases in $12.5 million increments. To receive the incentives, the Hunt family must complete Phase 1A projects by December 31, 2035; Phase 1B projects must be finished by December 31, 2037.
“The Frisco EDC Board of Directors is proud to support the revitalization and expansion of Toyota Stadium. This investment highlights our dedication to enhancing Frisco as a top destination for residents, businesses, and tourists, driving sustainable economic growth and enhancing our culture of unrivaled performance in Sports City USA,” said Jason Dudley, Chair, FEDC Board.
The City of Frisco will continue to benefit from Toyota Stadium improvements in the form of increased sales tax and tourism revenues; high quality athletic facilities; job creation; and reinvestment of a prime, public asset. Renovations will also elevate the brand, ‘Sports City USA’, on a national and international stage.
“Tonight’s Frisco City Council vote is an important step in providing this community with a modern, world-class sports venue,” FC Dallas President Dan Hunt said. “I am grateful for the leadership of Frisco Mayor Jeff Cheney, the Frisco Independent School District, Frisco City Council, Frisco Community Development Corporation, Frisco Economic Development Corporation and Frisco city leaders for their vision and partnership as we worked through the process to reach this agreement. The new Toyota Stadium will set the standard for modern hospitality and will continue to be a cornerstone of the Frisco community. All of us at FC Dallas are excited for our fans, partners and players to experience this state-of-the-art facility.”
You must be logged in to post a comment Login