Consideration to approve an Interlocal Agreement by and between the City of Plano, the Regional Transportation Council, and North Central Texas Council of Governments for a $15,000,000 grant and a $15,000,000 loan to support the Collin Creek Redevelopment Project; and authorizing the City Manager to execute all necessary documents. Approved

The RTC agreed to fund park-n-ride spaces to facilitate transit service with next generation electric transit vehicles to downtown Plano and the Dallas Area Rapid Transit Downtown Plano Light Rail Station with one-half of the award ($15,000,000) being a grant, and one-half ($15,000,000) constituting a loan that must be repaid to the North Central Texas Council of Governments as the RTC’s fiscal agent. The East Parking Garage (1992 total spaces: 1492 public and 500 private) will have at least 100 reserved park-n-ride with all the other 1392 spaces available to those who would like to ride DART.   In addition DART will have two electric bus recharging spaces in the garage.  Funding for the buses will be be via a direct grant with DART.

The $15,000,000 loan will be repaid using TIRZ#4 funds.  The terms of the loan will be 2.4% interest compounded annually for a period of 15-years. Additional information on the loan can be found in the attached agreement. 

This item is to approve an Interlocal Agreement between the City of Plano and North Central Texas Council of Governments (NCTCOG) for the Collin Creek Redevelopment Project.  The City of Plano will receive a total of $30,000,000 in federal funds; a $15,000,000 grant which does not have to be repaid and a $15,000,000 loan repayable to NCTCOG at 2.4% interest over a 15-year period.

Approval of this item supports the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Multi-Modal Transportation and Mobility Solutions.

This item is to approve an Interlocal Agreement between the City of Plano and North Central Texas Council of Governments (NCTCOG) for the Collin Creek Redevelopment Project.  The City of Plano will receive a total of $30,000,000 in federal funds; a $15,000,000 grant which does not have to be repaid and a $15,000,000 loan repayable to NCTCOG at 2.4% interest over a 15-year period.

Approval of this item supports the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Multi-Modal Transportation and Mobility Solutions.