Public Hearing and consideration of a Resolution to authorize the establishment of the Collin Creek Garage Public Improvement District within the City of Plano, Texas, in accordance with Chapter 372 of the Texas Local Government Code, and authorizing and directing the publication of this resolution; providing for related matters and providing an effective date. Tabled to October 25, 2021

On July 26, 2021, the City Council adopted a resolution calling a public hearing to consider establishing the Collin Creek Garage Public Improvement District.  Immediately following adoption of the resolution to call a public hearing, notice of the public hearing was published in The Dallas Morning News on July 29, 2021 and mailed to each property owner via US Post (certified return receipt service). Both notices met the required 15-day notice period as required by Chapter 372 of the Texas Local Government Code. 

At the present time, the Developer is working on alternatives to constructing the West Parking Garage - a 205 space underground facility.  Any alternative to the unground parking garage must be approved via the Planning and Zoning process.  Therefore, Staff requests that the Public Hearing be opened; public comments be heard, if any; and consideration be tabled until October 25, 2021.

In July 2019, the City Council approved a Development Agreement with the Developer of the Collin Creek Mall Project.  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.  In December 2020, Council approved the Funding Agreement.  On August 9, 2021, the Funding Agreement was amended to include an outline of parameters for establishing a third public improvement district. Those parameters will be part of the Service and Assessment Plan.  Council will take action to approve the plan at a later date. This action would establish the Collin Creek Garage Public Improvement District.

The Collin Creek Garage Public Improvement District (Garage PID) will finance (via bonds that will be repaid by a levy on the property inside the PID) the construction of the West Parking Garage and associated improvements.   

This item has no financial impact. If adopted the financial impact of creating a Public Improvement District for the Collin Creek  area is indeterminable at this time, with the funding for the district's activities being born by property owners within the district.

Later consideration of this Resolution supports the City's Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government.