Consideration to approve a Development Agreement by and between the City of Plano, a Texas municipal corporation, acting by and through its duly authorized officers, and Plano Public Facilities Corporation, a Texas Public Facilities Corporation authorized to conduct business in Texas for the K Avenue Lofts Project; and authorizing the City Manager to execute all necessary documents. Approved

After placing the development site on the market, City Council approved the property sale in October 2020, with closing occurring in December 2021.

On November 4, 2021 the TIRZ#2 Board of Directors voted unanimously to recommend that the City council approve a development agreement that provided for $1,626,254 in public infrastructure funding.

The developer has entered into a long term ground lease with the owners of the adjacent property. A portion of the allocated funds will redevelop this parcel into a Art Park for the general enjoyment of all Plano citizens.  In addition, access to the Parker Road DART Red Line Station will also be constructed, this eastern access provides a safe path to the station that does not currently exist.

This project benefits the City by being a catalyst for other transit oriented development and by providing housing within walking distance of exiting retail, supermarkets, and County services.

Funding is available for this item in the 2021-22 TIF II Fund budget.  If approved, the City will reimburse Texas Public Facilities Corporation in the amount of $1,626,254 for public infrastructure improvements upon completion of the requirements of the agreement, a written request for payment and final inspection and acceptance of the public improvements. 

Approval of this item supports the City’s Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government.