The Plano City Council has approved development plans for a potential new arena for the Dallas Stars NHL franchise.
During a meeting held yesterday (Monday), Plano City Council approved several actions to mark the beginning of a “deliberate and transparent process” to consider a potential sports and entertainment district at The Shops at Willow Bend.
The district would be anchored by a new multi-purpose arena for the franchise, which submitted a non-binding letter of intent to the City of Plano last week. The council has now approved the letter, along with an incentive agreement with Levin Holdings and Cawley Partners, and the establishment of a Tax Increment Reinvestment Zone (TIRZ) for The Shops at Willow Bend and surrounding development area along the Dallas North Tollway.
The council has also approved a venue project resolution for submission to the State Comptroller, as required by state law for Plano to call a special Venue Tax Election. As well as the arena, the district would include other sports and entertainment venues, retail, restaurants, residential development, public spaces and related infrastructure improvements.
Financial terms of the agreement have not been disclosed, but local media reports suggest the project will cost around $1bn (£747m/€865m), with Plano City Council having approved $700m in public money to support the development.
The Stars currently share American Airlines Center in downtown Dallas with the NBA’s Mavericks, who are also planning on moving to a new arena in the north of the city. Both teams’ lease deals to play at American Airlines Center expire in 2031.
‘Significant step’
Plano Mayor John Muns said: “Plano has built a reputation as a city that welcomes world-class partners and community-focused investment. These actions are a significant first step as we evaluate the potential for a thoughtfully designed sports and entertainment district that reflects the priorities and values of our community.”
Over the summer, community open houses will be held to provide Plano residents and stakeholders with opportunities to provide feedback on the arena plans.
The Venue Tax Election has been tentatively scheduled for November 3, and would include propositions related to the authority to impose a short-term motor vehicle rental tax, a hotel occupancy tax on hotel room bookings, an event parking tax, an event admissions tax, and a venue use tax on major league team members that play a professional game in the arena.
Upon receiving approval from the State Comptroller, the city council would consider an ordinance formally calling the Venue Tax Election. The proposed venue taxes would support the planning, acquisition, establishment, development and construction of the arena, as well as the development of related infrastructure and supporting improvements.
The City of Plano will now carry out traffic modelling and mobility analysis to better understand how a potential sports and entertainment district would affect surrounding roadways, intersections, parking, pedestrian access and overall traffic flow.
The Stars and Mavericks have been embroiled in a legal dispute over plans for American Airlines Center. Last year, the Mavericks sued the Stars for allegedly preventing a refurbishment of the arena.
A Texas judge recently ruled in favour of the Mavericks, giving the NBA team control of the arena. The Stars promptly appealed the decision.