Plano ISD is now formally a partner in the tax zone meant to help pay for a Dallas Stars arena at The Shops at Willow Bend, after the City Council approved the district's agreement with the city Monday night, The Dallas Morning News reported.
School trustees signed the interlocal agreement Aug. 4, according to the city's agenda memo, so Monday's council action completed both sides of the deal. It was listed on the council's consent agenda.
What the district puts in
Under the agreement, the district sends half of the growth in its maintenance-and-operations tax revenue from property inside the original boundary of Tax Increment Reinvestment Zone No. 6 into the zone's fund. Taxes the district levies to pay off its own debt are not included.
The district's total contribution is capped at $250 million, and the agreement runs through Dec. 31, 2052, unless it ends sooner.
In exchange, the city agrees to let the district and its community use facilities the city acquires or builds in the zone, at no charge beyond a share of utility, upkeep and staffing costs. Examples listed in the memo include a venue for graduations and district events, meeting space, internships and career programs, coaching clinics and a scholarship fund.
The specifics are left to separate use agreements, and if those are never signed, the district can cut its contribution to zero or walk away. The district also gets one seat on the zone's board.
The graduation argument
Plano ISD now holds its three senior high graduations at the Ford Center at The Star in Frisco, the News reported. Mayor John Muns, a former school trustee, told the paper that seeing seniors receive diplomas in their own city would be "a big deal to me."
