downtown plano: tif/tirz and pid case study · tif/tirz and pid case study 2018 gfoat spring...
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![Page 1: Downtown Plano: TIF/TIRZ and PID Case Study · TIF/TIRZ and PID Case Study 2018 GFOAT Spring Institute ~ Economic Development Administration . Downtown Plano: Tax Increment Financing](https://reader036.vdocument.in/reader036/viewer/2022080721/5f7a6b07e0542d6a3c0e9e08/html5/thumbnails/1.jpg)
Downtown Plano:
TIF/TIRZ and PID Case Study
2018 GFOAT Spring Institute ~ Economic Development Administration
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Downtown Plano: Tax Increment Financing (TIF) #2
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1st term established in 1999
Partners included City, PISD, and
County
Extended to a 2nd term in 2014 with
City and County
Base Value = $314 million
Current Value = $617 million
1st Term netted $48 million
2nd Term expected to net additional
$20 million
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Downtown Plano: Tax Increment Financing (TIF) #2
Allowable Expenditures:
Studies, plans and engineering
Land acquisition
Demolition and hazard abatement
Street, utilities and landscaping
Parking improvements
Façade easements
Maintenance of TIF financed
public improvements.
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TIF #2 Project: Morada Plano
• Partnership with Southern Land Co.
• Project has two five-story structures with a three-level
underground parking garage with 183 apartments and
120 public parking spaces, City storage space, and
communal trash and recycling.
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• $1.25M infrastructure reimbursement
• $200K for demolition and abatement, $150K in fee waivers
(NEZ), $700K for 50 public parking spaces in garage
TIF #2 Project: Morada Plano
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Downtown Plano: Public Improvement District
• 44 Parcels + City of Plano
• Annual assessment rate of $0.15
per 100
• Annual Revenue of approximately
$100,000
• Budget Items:
o Marketing and Advertising
o Events
o Beautification
o PID Management
o Safety and Security
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Downtown Plano PID: Projects
Monthly Wine Walks ArtFest
SteinFest
Beautification Projects