Recap of June 26, 2019 Frisco EDC Meeting

Here are the four items from the meeting that you should be aware of:
  1. 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.
  2. 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.
  3. The Frisco Economic Development Corporation will be upgrading website over the next year. Last redone in 2011.
  4. July Economic Development Corporation meeting is now on July 10, 2019 at 12pm. The only agenda item is the budget approval.

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