The Frisco City Council unanimously approved an economic development agreement Tuesday supporting a planned hotel, convention center, retail space and parking garage at Toyota Stadium, including up to $5 million in hotel occupancy tax rebates over 10 years.
The Chapter 380 agreement with the Hunt family, which operates Toyota Stadium, also allows the city to pursue state grants for the mixed-use project, the city announced October 20.
The plans call for a 250-room full-service hotel, a 15,000-square-foot convention center, about 30,000 square feet of retail and restaurant space, and a multistory parking garage.
City officials expect the mixed-use project to increase tourism and the parking garage to benefit nearby Rail District businesses. The soccer complex sits north of Main Street between Dallas Parkway and Frisco Street.
“FC Dallas and the Hunt family are terrific partners,” Frisco Mayor Mark Hill said in the city announcement. “This is another example of a strategic partnership that sets Frisco apart from others and will continue to enhance our city for decades to come.”
Frisco will pass through 50% of hotel occupancy taxes collected, capped at $5 million over the 10-year period. The city will also waive half of the construction development fees for stadium improvements.
The city will work with Hunt Sports Development to pursue state grant incentives. The Hunt family will cover consulting and legal costs associated with the grant applications and administration.
The announcement does not identify a state grant award or dollar amount.
Frisco and its Economic Development and Community Development corporations extended FC Dallas’ lease through 2057 in 2024 and agreed to fund mixed-use stadium improvements, the city said.
The Dallas Express reported in September that the developer’s plans included an approximately 290-room boutique hotel and an entertainment venue beside Toyota Stadium. The city’s latest announcement specifies 250 hotel rooms and does not explain the difference.
Provided by Dallas Express
