On Feb. 4, the Frisco City Council voted to place two measures determining funding for the proposed on the May 3 ballot.
Voters would determine whether funds (FEDC - Type A) could be used toward the center's development, classified as a (FCDC).
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WATCH HEREBoth the FEDC and the FCDC are supported by sales tax. According to the city, property taxes will not be used to fund construction.
Voters would also approve the project's debt cap at $160 million. The city said they planned to repay with $75 million from FEDC funds and $45 million from FCDC funds.
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SIGN UP Officials said $40 million would be repaid through Tax Increment Reinvestment Zone Number One, a development and reinvestment tool funded by commercial property taxes.
The facility would sit on six acres at U.S. Highway 380 and the Dallas North Tollway. Collaborating with Broadway Across America and Broadway Dallas, the building would contain a 2,800-seat entertainment hall to present Broadway plays. The facility would also include a 300 to 400-seat community hall "to be used primarily by Prosper ISD while also providing access to community organizations and events."
A separate partner would operate and maintain the facility, but that partner has not yet been determined.
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The center's development would partner with Prosper ISD, which would co-own the facility with the City of Frisco.
With the project's estimated total cost at $300 to $340 million, Prosper intends to contribute $100 million from the district's Performing Arts Center bond funds.
Theatre Projects, a city consultant for the project, estimates $100 to $111 million could be raised from fundraising, including donations and corporate sponsorships.
“If approved, the Frisco Center for the Arts will be a $300 to $340 million asset that will serve this community for 50 years or more,” said Mayor Jeff Cheney. “The cost to us, as taxpayers, is a maximum of $160 million that is funded primarily through sales tax efforts, largely generated by the visitors to our community. I can’t think of a better opportunity and gift to give future generations of the City of Frisco.”
More information on the proposed Center for the Arts can be found on the city's .
