Details on proposed Toyota Stadium renovation up for vote by Frisco City Council

The Frisco City Council is voting tomorrow on a proposed renovation of Toyota Stadium. Here are some details on the proposed renovations from the submitted documents.

I will attempt to simplify the info in this space, you can read the doc itself for more specific info.

Frisco ISD also has to agree in a meeting being held today.

Stadium Improvements

• Upgraded club spaces, seating, and luxury suites.
• New broadcast boots and press box
• New north, east, and west entrance gates
• New food service commissaries and kitchens.
• Reconstructed concourse structures with new public restrooms, concessions, and retail outlets.
• The north entrance will be the primary entryway and focal point with new retail space.
• North end of the stadium adding 3,400 seats (A 20% increase in stadium seating capacity)
• New stadium technology and broadcast capabilities to meet current MLS standards.
• New LED sports lighting system with major audio/visual upgrades.
• A fabric canopy structure on the east, west, and majority of the north end (similar to existing south end).

Mixed Use Improvements

Hunt Sports Group has proposed a mixed-use vision for the site similar to how the Star and PGA Frisco work. This will be accomplished by using parking lots on the west side of the stadium, vacant land (both owned by Hunt Sports Group), and a parking lot (owned by the city) at the northwest corner of Main Street and Frisco Street.

Included in the mix-use…

• 1.2 million square feet of Class A office space
• 200-room full-service, upscale hotel (180,000 square feet)
• 200-unit Multifamily high-rise with retail/restaurant space at the ground floor (300,000 square feet)
• 30,000 square feet retail/restaurant space (freestanding, or ground floor of hotel, and/or multifamily building)
• Parking structures for shared parking for event attendees and mixed-use district tenants.
• Complimentary civic spaces and urban streetscape.

The Money Part

This is where the doc gets into the financials. I’m not a public services money guy but here are the talking points as I see them.

Cost: $182 million.

Sources of money:

• 44% by TIRZ #1. (Tax Increment Reinvestment Zone #1)
• 36% by Hunt Sports Group via bi-annual lease payments through December 31, 2057.
• 20% to be paid by the FCDC (Frisco Community Development Corporation).
• Overruns to be paid by Hunt Sports Group

Build Timeline Requirements

Basically, if HSG hits these targets by a certain dates, they get some incentives.

To receive these incentives, HSG has to finish Phase 1A by December 31, 2035, and Phase 1B by December 31, 2037.

Phase 1 – Hotel, Multifamily, and Retail Component

• 200 room full-service, upscale hotel (minimum of 180,000 square feet of floor area).
• 30,000 square feet of retail/restaurant space.
• Multifamily high-rise building (minimum of 200 dwelling units and 300,000 square feet of floor area) with retail/restaurant space at the ground floor (incentives do not apply to housing). •

Phase 1 – Office and Shared Parking Structure Component

• Class A office building containing at least 200,000 square feet of Class A office space.
• One or more parking structures providing shared parking for event attendees and mixed use district tenants, assuring stadium and mixed use improvement compliance with all city parking requirements.

The Incentives

1. $25 mil grant paid to HSG by FEDC (Frisco Economic Development Corporation) for qualified infrastructure improvements for things like site access, circulation, and utility improvements, civic and open space, and parking facilities.
2. 50% of City, FEDC, and FCDC sales tax revenues from project construction material and service purchases for Phase 1 kicked back to cover costs.

There’s a bunch of stuff about benefit to Frisco etc, but I’m skipping over that in this space.

P.S. Help Us Out

I’m not in the stadium business or civics business, so if you are and I hosed something here, please let me know.