The City of Plano is hosting open houses on Wednesday. July 8 at 11 a.m. and Tuesday, July 14, at 6 p.m. at The Shops at Willow Bend to receive input on the potential redevelopment of the mall.
In order to add the arena, City Council has approved a Tax Increment Reinvestment Zone (TIRZ) for the area to support the sports, entertainment and mixed-use area surrounding the shopping center.
What is a TIRZ?
A Tax Increment Reinvestment Zone banks on the property values of surrounding properties increasing in the future to pay for the project.
First, the total taxable value of all real property in the area is taken. Then, as redevelopment occurs, the appraised property values increase. The difference between these appraised values is the tax increment. Revenue from those taxes are placed in a special fund and collected over a period of 20 to 30 years.
Do residents have a say in the development?
After open houses with area residents, the city aims to put several propositions on the November ballot, including a short-term motor vehicle rental tax, a hotel occupancy tax, an event parking tax, an event admissions tax, a venue tax on major league team members that play in the arena.
A self-guided virtual community open house will be available online from July 8-22.
