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Council adopts amended TIRZ No.7 plan to fund $70M in Fields development public improvements
Summary
Council adopted an amended and restated project and finance plan for Tax Increment Reinvestment Zone No.7 (Fields) that creates a subzone (Fields West) and designates captured revenues to support up to $70 million in debt service for public facilities including three parking garages.
Frisco City Council on Oct. 21 adopted an amended project and finance plan for Tax Increment Reinvestment Zone (TIRZ) No.7, commonly known as the Fields development, which will finance public facilities and infrastructure through captured incremental tax revenues.
Rebecca Barton, compliance manager for financial services, explained the TIRZ was created in November 2021 with a 40‑year term and a 2021 tax base year, and that the amendment aligns the TIRZ plan with the previously approved master development agreement (approved March 4, 2025). The amendment establishes a subzone for Fields West, adds public facilities (including three parking garages) and designates captured appraisal value revenue (50% of the captured value in the zone) to pay debt service on approximately $70,000,000 in public improvement debt.
Barton said a feasibility study was included in the plan materials and that no changes were proposed for the remainder of the TIRZ beyond the Fields West subzone. The council opened the public hearing for the amendment, had no public speakers, and then voted to adopt the amended plan (item 31) by a recorded vote (motion carried 4‑0).
