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Plano ISD board authorizes participation in TIRZ No. 6 covering Willoughby Mall redevelopment
Summary
Trustees unanimously approved a resolution authorizing Plano ISD to negotiate a participation agreement to contribute up to 50% of captured tax increment for Tax Increment Reinvestment Zone No. 6, with a final cap and term to be determined and returned to the board for approval.
Plano ISD trustees voted on June 23 to authorize district participation in Tax Increment Reinvestment Zone (TIRZ) No. 6, the city‑led redevelopment surrounding the Willoughby Mall area. The resolution directs district staff to negotiate a participation agreement with the city and the TIRZ board; the agreement will specify the percentage of the district’s captured tax increment, the cap and the term and must return to the board for approval before execution.
Deputy Superintendent Johnny Hill explained the basic mechanics and benefits of tax increment financing, emphasizing that “this tax that we’re talking about going into the tax increment financing or TIF is will actually be coming from just the increased value or the increment value” tied to new development in the zone, and said the district will not levy new residential taxes as part of the arrangement. Hill summarized the resolution’s proposed terms: the district would contribute 50% of its captured appraised value tax increment to the TIRZ tax increment fund up to a cap to be set by the board, and contributions would not exceed 25 years unless terminated earlier.
Trustees discussed risks and benefits, including whether not participating might cause the project to be renegotiated or move elsewhere, and the potential for local facility and career‑tech partnerships, shared facility use (including potential graduation and CTE benefits), and long‑term commercial tax base growth. Hill cited modeling that estimated potential value growth in the zone in excess of $7,500,000,000 from redevelopment. Trustee Tara Lance and others said the district should protect student and facility access in the participation agreement; the board emphasized that detailed financial caps would be set by trustees before committing funds.
Trustee Sam Johnson moved to adopt the resolution and Trustee Alisa (Lisa) Klein seconded; the motion passed 7–0. The participation agreement — including the definitive cap amount and any shorter term than the statutory 25‑year maximum — will be negotiated by administration and brought back for board approval in August.
