If You Build It They Will Come

Transcription

1 If You Build It They Will Come June 2007 City of Frisco, Texas

2 City of Frisco Location Located in Collin & Denton Counties 25 miles North of Dallas-Fort Worth International Airport SH121 Southern border & US 380 Northern border Encompasses 72 square miles or 46,080 acres

3 City of Frisco

4 Frisco Population History & Projection Frisco Population History & Projection 250, , , , , , ,000 75,000 50,000 25, Year

5 City of Frisco Demographics Population: 94,652 (May 1, 2007) Median Age: 30.9 Median Household Income: $91,556 Average new home: $260,000 Education: 49.7 % of pop. over 25 have a Bachelor s degree Land area developed: 46% Projected population at build-out: 250,000

6 Single Family Housing Permits May ,000 3,500 3,392 3,669 3,409 3,000 2,500 2,429 2,022 2,740 2,709 2,000 1,500 1,

7 City of Frisco Sports Investment Strategy 1. Develop sports venues for professional, amateur and youth sports 2. Develop city as destination for tourist and visitors 3. Generate more business for restaurants and retail 4. Generate greater sales tax revenues 5. Generate greater hotel/motel tax revenues 6. Frisco residents use & enjoyment of sports 7. Enhance city s s family-friendly friendly reputation 8. Differentiate Frisco from other cities

8 Frisco Tax Increment Financing TIF Zone No. 1 Created in 1997 by the City of Frisco, Collin County Frisco ISD, and the Collin County Community College Approved Projects include: 1. Road, water and sewer infrastructure 2. Facilities: Frisco Superdrome Frisco Sports Complex Dr Pepper Ballpark Dr. Pepper StarCenter Pizza Hut Park

9 Frisco TIF Zone No. 1 Added 305 acres in 2000 and acres in total TIF acreage 2,236 acres Participating tax entities in TIF include: City of Frisco Collin County Frisco Independent School District Collin County Community College District All tax entities participate at 100%, except Collin County at 50%

10 Frisco TIF Zone No. 1 January 1997 TIF appraised value: $16,126,133 January 2006 TIF appraised value: $718,969,683 TIF value increase since 1997: $702,843,550 Average annual TIF value increase: $78,093,728 TIF is approximately 63% developed At build-out TIF projected value is: $1.4 Billion

11 Frisco TIF Zone No. 1

12 Frisco TIF Zone No. 1 June 1998

13 TIF Zone No. 1 December 2006

14 Frisco Superdrome Project Overview $3.5 million project Owned by the City of Frisco Located on Collin Co. Community College Campus World class professional cycling racing track 2,200 stadium seating 5,842 SF event management facility Major events hosted: Seven US Nat l l Cycling Championships 1999 UCI World Cup of Racing 2000 US Olympic Trials-Track Track Cycling

15 Frisco Superdrome Project Partnership & Financing Public/Private Partnership: Local Technology Company Collin County Community College City of Frisco Superdrome is owned by the City of Frisco Technology Company: $2.0 M City of Frisco: $2.2 M Total Project $4.2 M City contracts with local cycling club to operate and maintain the Superdrome

16 Frisco Superdrome - Opened 1998

17 Frisco Superdrome Racing

18 Superdrome Racing

19 Frisco Superdrome

20 Frisco Sports Complex Master Plan 75 acres AA Ballpark Ice Arena Hotels Conference Center Office Buildings Residential Retail & Restaurants

21 Dr Pepper Ballpark Project Overview $28 million project Owned by the City of Frisco 11,000-seat stadium 28 Private Executive Suites Home of Frisco RoughRiders, AA affiliate of the Texas Rangers Annual attendance 700,000 Voted Best New Ballpark in US in 2003 by

22 Dr Pepper Ballpark Project Partnership Public/Private Partnership City of Frisco & TIF Frisco Economic Dev. Corp. Frisco Community Dev. Corp. Southwest Sports Group Mandalay Entertainment

23 Dr Pepper Ballpark Project Financing City funded construction with bonds of $22 million SSG funded construction cost of $6 million All cost overruns were responsibility of Southwest Sports Group (SSG) City contracted SSG for Design Build project City & SSG executed Lease Contract for 22 years, with multiple extensions SSG pays City an annual lease payment that funds a portion of the annual debt retirement

24 Frisco Sports Complex

25 Dr Pepper Ballpark

26 Dr Pepper Ballpark

27 Frisco Sports Complex December 2004

28 Frisco RoughRiders 2004 Texas League Champs

29 Dr Pepper StarCenter Project Overview $27 million project Owned by the City of Frisco 2 NHL-size sheets of ice 3,800 seat ice arena 1,280 space parking garage Corporate headquarters and training center for the National Hockey League Dallas Stars Home ice for the Texas Tornado Home of the Kurt Thomas Gymnastics Center

30 Dr Pepper StarCenter Project Partnership Public/Private Partnership City of Frisco & TIF Zone No. 1 Frisco Economic Dev. Corp. Frisco Community Dev. Corp. Southwest Sports Group

31 Dr Pepper StarCenter Project Financing City funded construction with bonds of $20 M SSG funded $7 M All project cost overruns responsibility of SSG City contracted SSG for Design Build project City & SSG executed Lease Contract for 22 years, with multiple extensions SSG pays City an annual lease payment that funds a portion of the annual debt retirement

32 Dr Pepper StarCenter - Opened 2003

33 Texas Tornado Hockey

34 Dr Pepper StarCenter Chinese Olympic Basketball Team vs. Dallas Mavericks

35 Texas Tornado 2004, 2005, 2006 NAHL National Champions

36 Embassy Suites Hotel Project Overview $40 million project Owned by John Q. Hammons, Inc. 14 story, 330-suite, full service hotel Overlooking center field of the Dr Pepper Ballpark Opened May 2005

37 Frisco Conference Center Project Overview $28 million project Owned by the City of Frisco 100,000 SF conference center 680 space parking garage Adjacent to Embassy Suites Hotel Public/Private Partnership City of Frisco & John Q. Hammons, Inc.

38 Frisco Conference Center Project Financing City funded construction with bonds of $28 M: City of Frisco $15 M John Q. Hammons $13 M Total Project $28 M John Q. Hammons Funding: Conference Center $5 M Parking Garage $8 M Total $13 M City debt service funded by Embassy Hotel/Motel tax revenue, any shortfall funded by the TIF. John Q. Hammons funds debt service on $13 M

39 Frisco Soccer & Entertainment Center Project Overview $90 million project on 117 acres Owned by the City of Frisco 21,193 - seat soccer stadium 17 tournament-size soccer fields Home of Major League Soccer FC Dallas (formerly Dallas Burn) Largest multi-purpose professional and youth soccer complex in the world

40 Frisco Soccer & Entertainment Center Project Partnership Public/Private Partnership 1. City of Frisco 2. Collin County 3. Hunt Sports Group 4. Frisco Independent School District Major Events: Soccer FC Dallas, Dallas Cup Concerts George Strait, Kenny Chesney Frisco Freedom Festival, 4 th of July Frisco ISD, Soccer and Football

41 Frisco Soccer & Entertainment Center Project Financing Project cost: Land Purchase Roads and Infrastructure Parking Tournament Fields Main Stadium Total Project Cost* $18.6M $3.4M $3.0M $5.0M $35.0M $65.0M * Cost overruns responsibility of HSG

42 Pizza Hut Park Project Financing City of Frisco $20M Collin County TIF $20M Frisco ISD TIF $15M Hunt Sports Group $10M Total Funding $65M Enhancements $25M Total Project Cost $90M

43 Frisco Soccer and Entertainment Center

44 Pizza Hut Park Soccer Stadium

45 MLS Championship Dec. 2006

46 Grand Park Guiding Principals Create an Image-Defining civic space for the City of Frisco Establish High-Impact Zones that generate revenues to create financial sustainability Utilize Partnerships and development strategies to leverage public investment Approximately 250 acres owned by the City of Frisco

47 Grand Park Concept Plan

48 Grand Park Concept Plan 250 acres

49

50 Grand Park Lake View

51 Arts of Collin County Project Overview Owned by cities of Allen, Frisco and Plano Southeast corner of SH121 & Custer Road 124-acre culture park and performing arts facility 2,100 seat performing arts hall Phase 1 opening 2009

52 Master Plan

53 Arts of Collin County 2,100 seat Main Hall Destination for national and international state-of-art touring performances

54 Arts of Collin County Project Financing Public/Private Partnership City of Allen City of Frisco City of Plano Private Contributions Total Phase 1 $19 M $19 M $19 M $10 M $67 M

55 Frisco Projects Summary Project Private $ Public $ 1. Superdrome $2 M $2.2M 2. Baseball Park $6 M $22 M 3. StarCenter $7 M $20 M 4. Embassy Hotel $40 M $0 M 5. Conference Center $13 M $15 M 6. Pizza Hut Park $35 M $55 M 7. Arts Center $10 M $57 M Total Investments $113 M $171.2 M Grand Total Public/Private Partnerships: $284.2 M

56 James L. Gandy, CEcD President Frisco Economic Development Corporation 6801 Gaylord Parkway, Suite 200 Frisco, Texas