Downtown Plano: TIF/TIRZ and PID Case Study · TIF/TIRZ and PID Case Study 2018 GFOAT Spring Institute ~ Economic Development Administration . Downtown Plano: Tax Increment Financing

Downtown Plano:

TIF/TIRZ and PID Case Study

2018 GFOAT Spring Institute ~ Economic Development Administration

Downtown Plano: Tax Increment Financing (TIF) #2

1

1st term established in 1999

Partners included City, PISD, and

County

Extended to a 2nd term in 2014 with

City and County

Base Value = $314 million

Current Value = $617 million

1st Term netted $48 million

2nd Term expected to net additional

$20 million

2

Downtown Plano: Tax Increment Financing (TIF) #2

Allowable Expenditures:

Studies, plans and engineering

Land acquisition

Demolition and hazard abatement

Street, utilities and landscaping

Parking improvements

Façade easements

Maintenance of TIF financed

public improvements.

3

TIF #2 Project: Morada Plano

• Partnership with Southern Land Co.

• Project has two five-story structures with a three-level

underground parking garage with 183 apartments and

120 public parking spaces, City storage space, and

communal trash and recycling.

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• $1.25M infrastructure reimbursement

• $200K for demolition and abatement, $150K in fee waivers

(NEZ), $700K for 50 public parking spaces in garage

TIF #2 Project: Morada Plano

5

Downtown Plano: Public Improvement District

• 44 Parcels + City of Plano

• Annual assessment rate of $0.15

per 100

• Annual Revenue of approximately

$100,000

• Budget Items:

o Marketing and Advertising

o Events

o Beautification

o PID Management

o Safety and Security

6

Downtown Plano PID: Projects

Monthly Wine Walks ArtFest

SteinFest

Beautification Projects