\t\t\t\t\t\t\tPlans for Sloan Corners, a nearly 500-acre project, continues to move forward.<\/p>\n
Allen<\/a> City Council unanimously approved an economic development incentive agreement with Billingsley Company<\/a> related to the construction of mixed-use development Sloan Corners at a Jan. 28 meeting.<\/a> The 10-year agreement creates an additional stream of tax dollars for the city, and in return, Billingsley Company will receive a rebate for a portion of their construction costs, per city documents.<\/p>\n The overview<\/p>\n Sloan Corners<\/a> is a mixed-use development located at the southern corners of US 75 and SH 121, spanning Allen and Fairview.<\/p>\n The project<\/a>, developed by Billingsley Company, is slated to include:<\/p>\n 10.6 million square feet of office space220,000 square feet of retail space6,000 multifamily unitsThe development includes an investment of over $100 million in infrastructure, an estimated $2 billion in capital investment for the construction of commercial buildings, 50 acres of parks and open space, and the creation of over 30,000 estimated new jobs, according to city documents. <\/p>\n Zoom in<\/p>\n Usually developers pay sales tax on construction materials to the location where the materials were purchased, city documents state. This agreement allows 50% of these taxes to go toward the city of Allen, the Allen Economic Development Corporation<\/a> and the Allen Community Development Corporation.<\/a><\/p>\n In exchange for bringing in additional revenue to the city, Allen is giving the developer a 50% rebate on the sales and use taxes for the construction materials, according to city documents.<\/p>\n The agreement has a 10-year term and only incentives the sales and use taxes for construction materials purchased in the future, city documents state.<\/p>\n Looking ahead<\/p>\n The next city council meeting is scheduled for Feb. 10. The work session will begin at 6 p.m. and the regular meeting will start at 7 p.m.<\/p>\n