The Frisco City Council, in a decision that underscores the city's commitment to sports and entertainment, has approved a significant investment in Toyota Stadium, home to FC Dallas. The agreement, which was reported yesterday by the City of Frisco, details a $182 million package intended to enhance the stadium's facilities.
According to the agreement approved by the council members, the renovations will include an additional 3,400 seats and a new shaded seating structure, amongst other advancements. As part of a larger, 30-year extension of FC Dallas's lease, these improvements also encompass upgrades to luxury suites, along with modern broadcast booths and press box areas. Seemingly in the middle of nowhere when it was originally constructed, Mayor Jeff Cheney lauded the stadium's growth and role in the community, saying, as per the City of Frisco, "Today, Toyota Stadium is synonymous with championships, marquee events, and youth development leagues not to mention being home to Major League Soccer’s FC Dallas."
The funding mechanism for these improvements involves public-private collaboration between the City of Frisco, the Hunt family as well as the Frisco Independent School District (FISD), and the Frisco Community Development Corporation (FCDC). The FCDC will issue sales tax revenue bonds to cover $182 million of the costs and contribute an additional $40 million for its share. "FC Dallas and the Hunt family have been tremendous partners to the Frisco Community Development Corporation for years," FCDC Chair Karen Cunningham told the City of Frisco. The Hunts, for their part, are responsible for up to $65 million and any overrun costs.
The funding contributions are broken down as follows: $77 million from the tax increment reinvestment zone (TIRZ) comprising of the City of Frisco and FISD, $40 million from the FCDC, and $65 million from the Hunt family. In addition to the stadium improvements, the Frisco Economic Development Corporation (FEDC) has voted to incentivize the first phase of a mixed-use private development project, totaling $25 million in infrastructure grants. The Hunt family, charged with further cementing Frisco's reputation as 'Sports City USA,' must complete the first phase by December 31, 2035, and the second phase by December 31, 2037, as explained by Jason Dudley, FEDC Board Chair, in a statement.
