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City outlines $35 million-plus in Toyota Music Factory reinvestment, rebates tied to sales tax
Summary
City staff and Brookfield representatives described about $32.7 million in eligible capital and tenant-improvement grants for Toyota Music Factory and said Brookfield has spent roughly $7.7 million so far on plaza work that may be reimbursed from sales-tax rebates generated at the property.
Jennifer Ramirez, Irving economic development coordinator, told the City Council on May 29 that Toyota Music Factory has been redeveloped under a master lease with Brookfield Properties and that amendments to the original economic development incentive agreement and lease approved in January 2024 allow rebates of city sales and mixed beverage tax for certain capital and tenant improvements at the property.
Ramirez said the amendments create two distinct rebate tracks: a plaza/signage capital-improvement rebate with a maximum $10 million “additional grant” and three groups of specific tenant-improvement reimbursements capped at a combined $25 million. She described the plaza/signage work as substantially complete and said Brookfield had invested about…
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