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Frisco council adopts amended project and finance plan for Hall Park TIRZ No. 6
Summary
Council adopted an amended and restated project and finance plan for Tax Increment Reinvestment Zone No. 6 (Hall Park), extending the TIRZ through 2060, adding 50% sales tax capture, and approving bond funding for parking facilities backed temporarily by the developer; vote was 5‑0.
Frisco City Council on Aug. 19 adopted an amended and restated project and finance plan for Tax Increment Reinvestment Zone No. 6, commonly called Hall Park, extending the zone’s term and modifying revenue capture to support parking and park maintenance.
Rebecca Barton, compliance manager in the finance department, presented the amendment and explained its key changes: extend the TIRZ term 15 years to Dec. 2060; modify the 2020 ad valorem base value; and add a 50% sales‑tax capture to the TIRZ’s revenue sources. Barton said the amendment funds parking‑facility construction, estimated at $40 million in bond financing, of which $3 million was previously issued in December 2021 and $36.7 million would be issued in October. The plan includes FEDC support of $7 million and a developer backstop until TIRZ revenues are sufficient to pay obligations, Barton said.
Council opened and closed the public hearing with no public speakers and then adopted the companion ordinance approving the amended plan. The adoption motion (moved by John; seconded by Laura) passed by a five‑zero vote; council earlier met as the TIRZ board in a separate session prior to the public hearing. The ordinance authorizes the amended finance plan and the bond approach described in staff materials.
The amendment adds maintenance and operations responsibilities for parking and parks within the Hall Park district and references a feasibility study attached to the plan’s exhibits for further financial detail. Barton noted the TIRZ was created in December 2020 and currently covers roughly 175 acres zoned for mixed uses.
