Plano ISD trustees approved joining Tax Reinvestment Zone No. 6 in August, and the Plano City Council approved the district's participation on Oct. 12. The zone includes commercial properties near the proposed Dallas Stars arena but not single-family homes. A TIRZ directs a portion of taxes collected in an area to a fund for projects in that same area, according to the state comptroller's website.
Johnny Hill, the district's deputy superintendent for business, employee services and technology, told Community Impact that the $3 billion mixed-use project could generate $188 million in additional property tax revenue for the district over nearly 20 years. Under the agreement, the district's contributions are capped at $250 million. Hill said the district plans to reach that cap after 18 years, while the zone is set to last 25 years.
Hill said the district's contribution would be offset by lower recapture payments to the state. He said any change in state law that negatively affects the district would let officials reduce or end its contribution. Hill also estimated the development's total economic impact at more than $7 billion over 18 years.