We have told you before you can learn a lot about what the city is trying to do by reviewing city council meeting agendas. We noticed the Frisco City Council approved a master agreement on July 2nd with a company called FW Development LLC. The master agreement provides up to $94.5 million in “PERFORMANCE-BASED INCENTIVES” to the developer of the $660 million mixed-use development known as Fields West. The goal is to ensure the developer adheres to its intended construction timeline and scheduled opening date.
Who is FW Development, LLC or Fields West? Well, it was created by The Karahan Co. which is owned by Fehmi Karahan. According to sources we spoke to inside the city, they believe the project will help achieve the council’s directive to activate North Frisco. The Dallas Business Journal made mention of it, along with that the project is expected to bring in $400 million annually in new sales and purchases for Frisco.
We went back to watch the meeting and we learned that Mayor Jeff Cheney recused himself from the vote. We are guessing he did this because of this known relationship between The Cheney Group and the residential part of Fields (aka The Preserve). However, his little marionettes knew what to do and approved it in a 6-0 vote. After watching the vote, we are curious why John Keating participated in the vote. Remember, he recently recused himself from a Fields vote due a to “conflict” because he was going to be closing soon on a lot in The Preserve.
In the discussion of the project, Keating talked about how he remembers years ago going on a walkthrough of Legacy West with Fehmi Karahan. He remembers the attention to detail in the development from the park benches, to how the bricks were laid in the crosswalk, and how it is lit up at night so it’s safe 24/7.
We are guessing that John Keating does not remember Christina Morris, or better yet could care less to remember her because it is not about his Cowboy Fit Club. Morris went missing in August 2014 from the Legacy West parking garage. In March of 2018, it was announced that remains found in a wooded area of Anna, Texas had been identified as Morris. In March of 2022, there was a shooting of a restaurant at The Shops of Legacy? Safe is relative Mr. Keating!
Keating also noted this was a flagship project that will be great for the surrounding residential neighborhoods to enjoy. Wait, you mean Resident Keating who is about to close on his lot in The Preserve at Fields? Yeah, this is the exact reason WHY YOU SHOULD HAVE RECUSED YOURSELF ALSO!
The next question, what does a developer have to do to earn $94.5 million in “PERFORMANCE-BASED INCENTIVES?” According to the memo on the city council agenda the performance requirements require the developer to construct by a certain date, a minimum of:
- 350,000 square feet of upscale retail and restaurant space
- 320,000 square feet of Class A office space; and
- 1,100 multifamily residential dwelling units (not incentivized)
Where does these $94.5 million dollars come from, the city purse or personal savings account? First, the Separated Materials Sales Tax Grant will provide up to $7 million in City, Frisco Economic Development Corporation, and Frisco Community Development Corporation sales tax revenues generated by project construction material and service purchases. Secondly, the Frisco EDC Qualified Infrastructure Grant will fund up to 50 percent of the cost to construct a planned water feature (not to exceed $2.5 million in incentive value) and up to 50 percent of the cost to construct internal streets built to city standards (not to exceed $10 million in incentive value). Lastly the TIRZ #7 Funding will finance the construction of 3 public parking structures accommodating a minimum of 2,430 public parking spaces to serve the development. This debt service will be funded by TIRZ #7 property tax revenue generated by the Fields West development and supplementary sales tax revenue generated by the Fields West development.
It just leaves us wondering, how do we have all this money? Where is all this money coming from? It is like the city has a SUGAR DADDY funding it! With that said we were told during the recent election that if Proposition A & B passed it would bankrupt the city – so how is it we have money for one thing but not another? Oh wait, Cheney can’t make money or build his stature or status up on our first responders.
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