A week after the Dallas Stars announced plans to build a $1 billion new arena and entertainment district in Plano, the team unveiled renderings of the proposed project—and the Plano City Council voted to approve $700 million in funding and incentives to bring the NHL team to the city.
These are steps toward a potential Stars future that is years away—the team’s lease at American Airlines Center near downtown Dallas runs through 2031. At Monday’s council meeting, the Plano City Council approved a non-binding letter of intent with the Dallas Stars. The incentive agreement with Levin Holdings and Cawley Partners calls for 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 resolution must first be approved by the state comptroller, after which the city would call a special venue tax election—tentatively slated for this November 3—to get voter approval for the project. The special election would include seek approval for 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, the city said.
Dallas Stars Owner, Governor and Chairman Tom Gaglardi has called the project “a once-in-a-lifetime opportunity for our franchise.”
Arena, retail, restaurants, and more
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