Recap of June 26, 2019 Frisco EDC Meeting
Here are the four items from the meeting that you should be aware of:
- Board discussed the draft FY 2020 Budget. Projected revenue of $23 million combined with beginning Fund Balance of $78 million means that Economic Development Corporation would have $101.8 million in funds available for operations, current and forecasted project commitments. The Board approved a $10.9 million payment to pay off the last loan on EDC’s books for a 38-acre parcel owned by the Corporation located at the southwest corner of the Dallas North Tollway and US Highway 380. This payoff will save the Economic Development Corporation $500,000. Current projected unassigned fund balance for FY 2020 would be $24.8 million.
- Board approved a performance agreement between Healthcare Highways, Inc. and the Frisco Economic Development Corporation. Healthcare Highways currently has 10,000 sq. ft. at The Star with 30 employees; will add additional 19,000 sq. ft. at Hall Park and up to 120 total employees in Frisco by 2024. $125,000 in incentives up to 2024.
- The Frisco Economic Development Corporation will be upgrading website over the next year. Last redone in 2011.
- July Economic Development Corporation meeting is now on July 10, 2019 at 12pm. The only agenda item is the budget approval.