Plano Proposes $700M Funding Plan to get Stars to Suburbs

With the Plano City Council’s approval of a $700 million fund for the NHL team Dallas Stars’ new stadium at the site of The Shops at Willow Bend, the team gains a crucial element: full control over the grounds.

Monday’s approval vote greenlit the $3 billion arena and entertainment district in the Dallas suburb. Other elements include a nonbinding letter of intent, a tax increment reinvestment zone, venue tax and fee resolutions and a multimillion dollar economic incentives deal, according to the Dallas Business Journal. Centennial Real Estate and Cawley Partners — the project’s developers — can now conduct traffic studies, start the sponsorship search and select an architecture firm.

Crucially, Plano proposed chipping in $700 million towards the project if its costs exceed $1 billion. The project includes a mixed-use retail and entertainment space, as well as road improvements to assist with traffic flow. The massive revamp will place the Stars’ new home at the northwest corner of Park Boulevard and Dallas North Tollway.

Dallas city officials are still working towards keeping the team in the downtown American Airlines Center, where the Stars have a lease until 2031. They shared the arena with the Dallas Mavericks until a judge sided with the NBA franchise in a ruling that handed over operating control of the city of Dallas-owned arena. The lawsuit centered around the Stars’ headquarters, which is already in Plano. The Mavericks dropped damage claims against the Stars in April, a move set to resolve the now-moot lawsuit.

With their Plano arena, the Stars don’t have to share any more. The letter of intent states that the city would own the arena and the land, then lease the facility to Dallas Sports & Entertainment for three decades. Crucially, the NHL franchise keeps all arena revenue. Dallas Sports’ responsibilities will include building and operating the arena. The LOI is nonbinding, but has already been signed by Brad Alberts, Stars and Dallas Sports president and CEO.

— Hunter Cooke