On July 22, 2019, City Council approved a development agreement with Collin Creek Development, LLC.  Article IV, Section 4.01 of the development agreement states that the City intends to create the TIRZ in accordance with the TIRZ Act.

On January 13, 2020, City Council held a public hearing and approved an ordinance establishing the City of Plano Tax Increment Financing Reinvestment Zone Number Four (TIRZ#4).  The ordinance included a preliminary Project and Finance Plan that adhered to the Development Agreement parameters.

On December 14, 2020, City Council approved a Funding Agreement with Collin Creek Development, LLC. (Developer) that further defined the scope of TIRZ#4 projects that will utilize TIRZ#4 funds.

Using the Development Agreement, the Funding Agreement, the Interlocal Agreement with the North Central Texas Council of Governments, and the TIRZ participation agreement with Collin County, a Project and Finance Plan was written that balances commitments to our partners and the future growth within the zone.  In addition, a conservative approach was applied to the revenue projections so that we can weather unexpected economic downturns and still meet our commitments.

The projects listed in the project plan are those known as of May 1, 2021, which include: the repayment to the North Central Texas Council of Governments for the $15 million loans; the repayment of TIRZ Revenue bonds used to construct the West Garage; and several road and bridge projects.  The remaining unprogrammed funds can be programmed in the future for other projects as revenue is available.

As required by State Law, the TIRZ#4 Board of Directors first reviewed the Project and Finance Plan on March 31, 2021.  At that time the Board asked for clarifications and requested more time for review.  On April 22, 2021, the Board met again to discuss the Project and Finance Plan and ultimately voted to recommend the plan for approval by Council.

The financial impact of creating a Tax Increment Reinvestment Zone surrounding the Collin Creek Mall property will be dependent on future property values which are indeterminable at this time, with a portion of future property tax revenue from increased property values within the zone being unavailable to Plano's General Fund and General Obligation Debt Fund.