Voters in Frisco will have new choices come May 3, as the Frisco City Council advances plans for a landmark development. The council recently gave the green light to add two key measures to the next ballot concerning the funding of the proposed Frisco Center for the Arts (FCFA). If passed, the measures would impact how sales tax dollars are allocated and could lead to the city issuing debt of up to $160 million for the project, a decision that brings the potential for both cultural enrichment and economic impact to the region.
Specifics of the measures include the authorization for Frisco Economic Development Corporation funds to be repurposed for the Frisco Community Development Corporation project, with both entities supported by sales tax. Further, residents will weigh the option for Frisco to issue debt, which promises not to exceed the $160 million mark, earmarked for the FCFA. Funding will not hinge on General Fund property tax dollars but will rely on $75 million from the EDC, $45 million from the CDC, and $40 million from Tax Increment Reinvestment Zone Number One, according to the City of Frisco.
Envisioned to stand on 6 acres at the southwest corner of U.S.380 and the Dallas North Tollway, the FCFA would include a 2,800 seat Large Hall capable of hosting Broadway shows and other commercial performances, along with a 300-400 seat Community Hall for smaller events. This plan showcases a partnership between the City of Frisco and Prosper ISD, both poised to co-own the facility. Collaboration efforts have also reached Broadway Across America and Broadway Dallas, ensuring top-tier theatrical offerings for the space. Management and operational tasks will be relegated to a yet-to-be-determined private partner.
With a budget fluctuating between $300 and $340 million, funding sources are diverse. Prosper ISD is tapped to contribute $100 million from its 2023 Performing Arts Center bond funds, and a capital fundraising campaign has the potential to bring in an additional $100 to $111 million. Frisco Mayor, Jeff Cheney, champions the initiative, stating, "If approved, the Frisco Center for the Arts will be a $300 to $340 million asset that will serve this community for 50 years or more." Cheney went on to underscore the value to taxpayers, highlighting that the $160 million city expenditure is "funded primarily through sales tax efforts, largely generated, by the visitors to our community." His comments are available through the City of Frisco.
