In July 2019, the City Council approved a Development Agreement with the Developer.  The development agreement outlined the City of Plano's participation in the redevelopment of the Collin Creek Mall property.  At that time, the complexity of the agreement necessitated moving many of the specifics into a Funding Agreement.  Since July 2019, the Developer and Staff have been working those complexities and are ready to present the Funding Agreement for approval.

This item consists of multiple funding sources to include future bond sales, grants, loans and private funding.  An exact cost of the redevelopment has not been determined.  Approval of this item establishes the City's intent to authorize the issuance of a maximum aggregate par amount of Collin Creek East PID Bonds not exceed $140,000,000 and a maximum aggregate par amount of Collin Creek West PID Bonds not exceed $32,000,000 to construct, reimburse or acquire the Public Improvements within each PID. 

This item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.