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Pizza Hut Park Opens (August, 2005)
Frisco ISD gains facility, saves money

Pizza Hut Park Opens (August, 2005)Frisco ISD officials were on hand Saturday night, August 6, for the season opener of the FC Dallas team and the inaugural event at this newest sports/entertainment venue in Frisco that is a model for public/private partnerships.

Hunt Sports Group is the private entity involved in this venture; the city of Frisco, including the Frisco Economic Development Corporation and the Community Development Corporation, along with the Frisco ISD and Collin County are the players in this private/public sector venture.

Frisco ISD Superintendent of Schools Dr. Rick Reedy says that the impressive stadium is a winning proposition for the students and taxpayers of FISD and for the entire area due to its economic impact.

“FISD voters approved a $298 million bond package in September of 2000 that included a second district stadium at an estimated construction cost of $17.5 million,” he said. “This joint-use stadium/soccer complex provides a better facility for our students than we could have built on our own and will save us $13-15 million over the next 20 years.”

  • Usage considerations in regard to the FISD’s involvement are as follows:
  • Exclusive use of the 20,000-seat football/soccer stadium on Thursday and Friday nights during football season;
  • Priority use of the 600-seat artificial turf football/soccer stadium adjacent to the 20,000-seat stadium, that is named Dr. Pink Field;
  • *Non-exclusive use of the 20,000-seat football/soccer stadium on all other dates; and
  • *Non-exclusive use of 16 other soccer playing fields.

non-exclusive – gives FISD the right to use the facilities if other activities are not scheduled.

Financial considerations in this venture are as follows (bold items represent savings):

  • FISD has committed $15 million in TIRZ funds over the next 20 years to the project (bond funds cannot be used in an inter-local agreement). This frees up $17.5 million in bond funds to be used for future school facilities.
  • Construction of this joint-use facility will allow FISD to save $5 million in land/site development costs; this land could be used for a high school, sold or traded for land in another area of the district.
  • If $15 million is amortized over 20 years compared to the $17.5 million FISD expected to pay for a single stadium, an additional savings of between $3 and $5 million is realized.
  • Maintenance and Operating costs of the facility – an estimated $250,000-$300,000 per year- are being absorbed by Hunt Sports Group at a savings of $5 - $6 million to FISD over a 20-year period.

The lease agreement with Hunt Sports Group is structured in such a way that forfeiture or non-performance by the lessee results in ownership transferring to Frisco ISD for no more than the $15 million TIRZ investment.