Frisco TIF Zone No. 1 - National League of Cities

Frisco TIF Zone No. 1 - National League of Cities

If You Build It …
They Will Come
June 2007
City of Frisco, Texas
City of Frisco Location
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Located in Collin &
Denton Counties
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25 miles North of
Dallas-Fort Worth
International Airport
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SH121 Southern
border & US 380
Northern border
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Encompasses 72
square miles or
46,080 acres
City of Frisco
Frisco Population History & Projection
25 0,0 00
22 5,0 00
20 0,0 00
17 5,0 00
15 0,0 00
12 5,0 00
10 0,0 00
7 5,0 00
5 0,0 00
2 5,0 00
Y e ar
2020
2019
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2011
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City of Frisco Demographics
Population:
Median Age:
Median Household Income:
Average new home:
Education:
Land area developed:
94,652 (May 1, 2007)
30.9
$91,556
$260,000
49.7 % of pop. over
25 have a
Bachelor’s degree
46%
Projected population at build-out: 250,000
Single Family Housing Permits
May 2007
4,000
4,000
3,669
3,669
3,392
3,392
3,500
3,500
2,740
2,740
3,000
3,000
2,429
2,429
2,500
2,500
3,409
3,409
2,709
2,709
2,022
2,022
2,000
2,000
1,500
1,500
910
910
1,000
1,000
500
500
645
645
108
108
00
1990
1990
1995
1995
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
City of Frisco
Sports Investment Strategy
1. Develop sports venues for professional, amateur and
youth sports
2. Develop city as destination for tourist and visitors
3. Generate more business for restaurants and retail
4. Generate greater sales tax revenues
5. Generate greater hotel/motel tax revenues
6. Frisco residents use & enjoyment of sports
7. Enhance city’s family-friendly reputation
8. Differentiate Frisco from other cities
Frisco Tax Increment Financing
TIF Zone No. 1
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Created in 1997 by the City of Frisco,
Collin County Frisco ISD, and the Collin
County Community College
Approved Projects include:
1. Road, water and sewer infrastructure
2. Facilities:
Frisco Superdrome
Frisco Sports Complex
Dr Pepper Ballpark
Dr. Pepper StarCenter
Pizza Hut Park
Frisco TIF Zone No. 1
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Added 305 acres in 2000 and 494.5 acres in 2003
2006 total TIF acreage 2,236 acres
Participating tax entities in TIF include:
City of Frisco
Collin County
Frisco Independent School District
Collin County Community College District
All tax entities participate at 100%, except Collin
County at 50%
Frisco TIF Zone No. 1
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January 1997 TIF appraised value: $16,126,133
January 2006 TIF appraised value: $718,969,683
TIF value increase since 1997: $702,843,550
Average annual TIF value increase: $78,093,728
TIF is approximately 63% developed
At build-out TIF projected value is: $1.4 Billion
Frisco
TIF
Zone
No. 1
Frisco TIF Zone No. 1 June 1998
TIF Zone No. 1 December 2006
Frisco Superdrome
Project Overview
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$3.5 million project
Owned by the City of Frisco
Located on Collin Co. Community College Campus
World class professional cycling racing track
2,200 stadium seating
5,842 SF event management facility
Major events hosted:
1998-2004 Seven US Nat’l Cycling Championships
1999 UCI World Cup of Racing
2000 US Olympic Trials-Track Cycling
Frisco Superdrome
Project Partnership & Financing
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Public/Private Partnership:
Local Technology Company
Collin County Community College
City of Frisco
Superdrome is owned by the City of Frisco
Technology Company:
$2.0 M
City of Frisco:
$2.2 M
Total Project
$4.2 M
City contracts with local cycling club to operate and
maintain the Superdrome
Frisco Superdrome - Opened 1998
Frisco Superdrome Racing
Superdrome Racing
Frisco Superdrome
Frisco Sports
Complex
Master Plan
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75 acres
AA Ballpark
Ice Arena
Hotels
Conference Center
Office Buildings
Residential
Retail & Restaurants
Dr Pepper Ballpark
Project Overview
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$28 million project
Owned by the City of Frisco
11,000-seat stadium
28 Private Executive Suites
Home of Frisco RoughRiders, AA affiliate of the
Texas Rangers
Annual attendance 700,000
Voted Best New Ballpark in US in 2003 by
www.ballparks.com
Dr Pepper Ballpark
Project Partnership
„
Public/Private Partnership
♦ City of Frisco & TIF
♦ Frisco Economic Dev. Corp.
♦ Frisco Community Dev. Corp.
♦ Southwest Sports Group
Mandalay Entertainment
Dr Pepper Ballpark
Project Financing
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City funded construction with bonds of $22 million
SSG funded construction cost of $6 million
All cost overruns were responsibility of Southwest Sports
Group (SSG)
City contracted SSG for Design Build project
City & SSG executed Lease Contract for 22 years, with
multiple extensions
SSG pays City an annual lease payment that funds a
portion of the annual debt retirement
Frisco Sports Complex
Dr Pepper Ballpark
Dr Pepper Ballpark
Frisco Sports Complex – December 2004
Frisco RoughRiders
2004 Texas League Champs
Dr Pepper StarCenter
Project Overview
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$27 million project
Owned by the City of Frisco
2 NHL-size sheets of ice
3,800 seat ice arena
1,280 space parking garage
Corporate headquarters and training center for the
National Hockey League Dallas Stars
Home ice for the Texas Tornado
Home of the Kurt Thomas Gymnastics Center
Dr Pepper StarCenter
Project Partnership
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Public/Private Partnership
City of Frisco & TIF Zone No. 1
Frisco Economic Dev. Corp.
Frisco Community Dev. Corp.
Southwest Sports Group
Dr Pepper StarCenter
Project Financing
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City funded construction with bonds of $20 M
SSG funded $7 M
All project cost overruns responsibility of SSG
City contracted SSG for Design Build project
City & SSG executed Lease Contract for 22 years, with
multiple extensions
SSG pays City an annual lease payment that funds a
portion of the annual debt retirement
Dr Pepper StarCenter - Opened 2003
Texas Tornado Hockey
Dr Pepper StarCenter
Chinese Olympic Basketball Team vs. Dallas Mavericks
Texas Tornado
2004, 2005, 2006 NAHL National Champions
Embassy Suites Hotel
Project Overview
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$40 million project
Owned by John Q.
Hammons, Inc.
14 story, 330-suite,
full service hotel
Overlooking center
field of the Dr Pepper
Ballpark
Opened May 2005
Frisco Conference Center
Project Overview
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$28 million project
Owned by the City of
Frisco
100,000 SF conference
center
680 space parking garage
Adjacent to Embassy
Suites Hotel
Public/Private Partnership
City of Frisco & John Q.
Hammons, Inc.
Frisco Conference Center
Project Financing
„ City funded construction with bonds of $28 M:
City of Frisco
$15 M
John Q. Hammons
$13 M
Total Project
$28 M
„ John Q. Hammons Funding:
Conference Center
$5 M
Parking Garage
$8 M
Total
$13 M
• City debt service funded by Embassy Hotel/Motel tax
revenue, any shortfall funded by the TIF.
• John Q. Hammons funds debt service on $13 M
Frisco Soccer & Entertainment Center
Project Overview
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$90 million project on 117 acres
Owned by the City of Frisco
21,193 - seat soccer stadium
17 tournament-size soccer fields
Home of Major League Soccer
FC Dallas (formerly Dallas Burn)
Largest multi-purpose
professional and youth soccer
complex in the world
Frisco Soccer & Entertainment Center
Project Partnership
Public/Private Partnership
1. City of Frisco
2. Collin County
3. Hunt Sports Group
4. Frisco Independent School District
Major Events:
Soccer – FC Dallas, Dallas Cup
Concerts – George Strait, Kenny Chesney
Frisco Freedom Festival, 4th of July
Frisco ISD, Soccer and Football
Frisco Soccer & Entertainment Center
Project Financing
Project cost:
Land Purchase
Roads and Infrastructure
Parking
Tournament Fields
Main Stadium
Total Project Cost*
$18.6M
$3.4M
$3.0M
$5.0M
$35.0M
$65.0M
* Cost overruns responsibility of HSG
Pizza Hut Park
Project Financing
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City of Frisco
Collin County TIF
Frisco ISD TIF
Hunt Sports Group
Total Funding
$20M
$20M
$15M
$10M
$65M
Enhancements
Total Project Cost
$25M
$90M
Frisco Soccer and Entertainment Center
Pizza Hut Park Soccer Stadium
MLS Championship Dec. 2006
Grand Park
Guiding Principals
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Create an Image-Defining civic space for the City of
Frisco
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Establish High-Impact Zones that generate revenues to
create financial sustainability
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Utilize Partnerships and development strategies to
leverage public investment
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Approximately 250 acres owned by the City of Frisco
Grand
Park
Concept
Plan
Grand
Park
Concept
Plan
250 acres
Grand Park Lake View
Arts of Collin County
Project Overview
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Owned by cities of
Allen, Frisco and Plano
Southeast corner of
SH121 & Custer Road
124-acre culture park
and performing arts
facility
2,100 seat performing
arts hall
Phase 1 opening 2009
Master Plan
Arts of Collin County
2,100 seat Main Hall
Destination for national and international state-of-art touring
performances
Arts of Collin County
Project Financing
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Public/Private Partnership
City of Allen
City of Frisco
City of Plano
Private Contributions
Total Phase 1
$19 M
$19 M
$19 M
$10 M
$67 M
Frisco Projects Summary
Project
1. Superdrome
2. Baseball Park
3. StarCenter
4. Embassy Hotel
5. Conference Center
6. Pizza Hut Park
7. Arts Center
Total Investments
Private $
$2 M
$6 M
$7 M
$40 M
$13 M
$35 M
$10 M
$113 M
Public $
$2.2M
$22 M
$20 M
$0 M
$15 M
$55 M
$57 M
$171.2 M
Grand Total Public/Private Partnerships: $284.2 M
James L. Gandy, CEcD
President
Frisco Economic Development Corporation
6801 Gaylord Parkway, Suite 200
Frisco, Texas 75034
972.668.5550
[email protected]