The City of Frisco, along with its Frisco Community Development Corporation (FCDC) and Frisco Economic Development Corporation (FEDC), also agreed to provide total $12.7 million in economic incentives, which includes $2 million in sales tax reimbursement for materials. The $10.7 million in grants will support infrastructure improvements for streets, roads and utilities (water, sewer, electric, gas, telecommunications) related to the theme park.
The performance-based incentives will be awarded in two,10-year phases. Phase I provides $8.7 million, including $1 million in sales tax reimbursements for materials. Phase II provides $4 million, which also includes another $1 million in sales tax material reimbursements. Performance requirements call for the park to be open for business no later than June 30, 2026 and for Universal to invest a minimum of $550 million in project construction. Universal anticipates creating 175 full time jobs and 1,400 seasonal, part-time jobs. The development agreement notes at least four ‘immersive themed lands’ designed for young children, as well as a 300-room hotel with a resort-style swimming pool. The development agreement calls for ‘promotional discounts or special offers’ for residents during non-peak periods at the developer’s discretion. The agreement also provides a half-day park access for a city employee appreciation event once a year.