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Frisco council sets public hearings for FY2026 budgets and advances parking‑garage financing steps
Summary
Council called public hearings on the FY2026 city and related budgets and directed publication of a notice of intent to issue $36.7 million in certificates of obligation for a parking garage; it also directed a public hearing on TIRZ No. 6 financing amendments that would extend the TIRZ to 2060 and commit 50% of TIRZ sales tax to garage repayment.
The Frisco City Council voted Aug. 5 to call public hearings on the proposed FY2026 budgets and to begin the process for financing a downtown parking structure.
Taney Anderson, director of budget and strategic planning, said the proposed FY2026 budgets were placed at council desks and are available on the city's website; council adopted a resolution calling public hearings on the City of Frisco, Frisco Economic Development Corporation and Frisco Community Development Corporation FY2026 budgets with hearing dates set for Aug. 19 and Sept. 2 and adoption targeted for Sept. 16.
Derek Cotton, the city chief financial officer, presented a notice of intent to issue certificates of obligation in the amount of $36,700,000 to fund a $40,000,000 parking garage (the packet cited prior issuance of $3,300,000 in December 2021). Council directed publication of the notice to begin the 45-day waiting period; one councilmember recused and the motion passed 5-0.
Staff also presented proposed amendments to Tax Increment Reinvestment Zone (TIRZ) No. 6's project and financing plan to (1) update financing for the parking garage, (2) extend the TIRZ term by 15 years to 2060, (3) modify base-value corrections and (4) obligate 50% of sales tax generated in the TIRZ to repayment of the parking facility. Council directed a public hearing on those TIRZ amendments at the Aug. 19 meeting.
