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. The Funding Agreement was amended and restated on August 9, 2021. Amendments included eliminating federal grants and funding for the East Garage. In addition, the City agreed to shift TIRZ funding from the West Garage to the East Garage.  Those changes necessitated amending the Project and Finance Plan.

On August 6, 2021 the TIRZ#4 Board of Directors met to consider changes to the Project and Finance Plan.  The Board voted unanimously to recommend approval of the Amended and Restated Project and Finance Plan.

Using the Development Agreement, the Amended and Restated Funding Agreement, and the TIRZ participation agreement with Collin County, the Amended and Restated Project and Finance Plan was written to balance our 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 August 11, 2021, which include: the sale of the revenue stream generated by the Collin Creek Redevelopment Project’s 99-acres and several road and bridge projects. 

As required by State Law, the TIRZ#4 Board of Directors reviewed the Amended and Restated Project and Finance Plan on August 6, 2021.  At that time, the Board voted unanimously to recommend the plan for approval by Council.

The Amended Plan projects the financial impact of a Tax Increment Reinvestment Zone surrounding the Collin Creek Mall property, which estimates the portion of future property tax revenue generated within the zone. Those funds to remain within the zone will be unavailable to Plano's General Fund and General Obligation Debt Fund.