$122 Million Local Economic Incentive Package

What received incentives?   Wade Park mixed-use development

Where is it located? Frisco

Which incentives were granted? Local sales and ad valorem tax grants + infrastructure improvements which will be paid through the Frisco Economic Development Corporation and the Frisco Community Development Corporation. The details:

City sales tax grant (half of the city’s 1 percent sales tax collected from the property): $30 million

City ad valorem tax grant (50 percent of the ad valorem taxes collected from the portion of the property dedicated to a mixed-use development of retail, commercial, hotel, multifamily): $60 million

Frisco EDC qualified infrastructure (half of the EDC’s 0.5 percent sales tax revenue generated from the property): $15 million

Frisco CDC qualified infrastructure (half of the CDC’s 0.5 percent sales tax revenue generated from the property): $15 million

City waiving reimbursement costs (costs owed to city from developer for building Lebanon Road and Parkwood Drive): $1.25 million 

Frisco EDC building John Hickman Parkway (EDC will build John Hickman from the tollway to Parkwood): $1.5 million

Total incentive package assuming all performance measures are achieved: $122.75 million

Dallas Morning News RECON @ the Texas A&M Real Estate Center