Jean Decesaris/Courtesy photo
As Frisco officials continue with long-term planning looking as far ahead as a decade, they are considering funding mechanisms for tens of millions of dollars worth of projects.
Officials were presented different financing options for a series of potential projects related to capital improvements at a Feb. 25 meeting. Many of the projects with higher estimated price tags, such as a potential $20 million remodel or relocation of town hall that is anticipated to kick off sometime after 2031, are years down the pipeline. While budgets and concrete plans don’t yet need to be made for some of the projects, officials are laying the groundwork now to ensure capital improvements they want to make are funded in the town’s best interests.
“It is important to distinguish that the 10-year capital plan is a plan and not a budget,” communications director Vanessa Agee said via email.
Staff members suggested a potential tax increase to fund and even accelerate some of the projects.
Town manager Tom Fisher said the increase could help the town get moving sooner on projects like those related to wildfire mitigation. He added it’s going to be a more productive process if the community is looped in sooner than later.
Council ended up giving direction to staff to ask the community about its sentiment on the matter.
“It is recommended that you have at least a one year research phase that would include a high level of community engagement,” Edwards said.
She said questions the town could bring to the community include: “Which projects do they support? Which tax would they support? (Do they support) funding this with sales tax, the lodging tax, STR tax?”
Council member Andrew Aerenson, who is slated to resign from council March 11 due to moving out of town, recommended the consideration of other options, too.
“As much as you could raise (for projects) in a tax increase, there should be a conversation around what could be cut to create the same amount (of money),” he said.
Council showed favor for using what town representatives referred to as a “debt mechanism” to fund one of the more financially significant plans officials are considering, an approximate $11 million dollar project on Granite Street. The project falls under the umbrella of the town’s Complete the Street initiative to improve vehicular, pedestrian and bicycle circulation throughout downtown Frisco.
Edwards presented officials with the opportunity to tackle the project in two years, 2026 and 2027, or take a phased approach starting in 2029 and ending in 2033. She said the two-year approach streamlines the process because the council would have to finance that in the near future and take on debt.
This option was paired with the possibility to also finance the $20 million town hall project in the near future, and take on debt for that as well.
Officials weren’t keen on the idea of taking on debt for both projects at the same time.
“I’m a ‘yes’ on the Granite Street debt. I think let’s just take the pain all at once,” Mayor Rick Ihnken said.
He said it would be best to leave financing decisions to a future council since the project won’t be happening for years.
Other tentative projects detailed in documents presented to council include a $2 million fiber infrastructure project, a $1.95 million landscape design and construction for Exit 203 and $1.65 million worth of improvements for Pioneer Park.
Council discussed these plans in a work session and did not officially vote on any matters.
“These are projects that are priorities, but whether they happen will depend on many things, including future price increases for capital projects, financial conditions, and a continual re-evaluation of community needs,” Agee said.
link