Frisco mulls $7.4 million workforce housing project
February 15, 2017
During Frisco Town Council's Tuesday afternoon work session, town staff introduced a potential opportunity to partner with a local developer on a workforce housing project. The proposal, still in its very early stages, would entail a builder changing a pending project on Beaver Lodge Road from a 37-unit condo complex to a 100-unit, deed-restricted workforce housing project.
The town would contribute money to the project from its 5A workforce housing construction funds, which flow from a sales tax increase approved by voters last November.
Under the plan presented to council, the town would contribute $7.4 million, which is half of the project's estimated cost and represents the entirety of the town's projected 5A revenues over ten years.
Town manager Randy Ready said that council was interested in the proposal but had asked staff to explore ways to reduce the town's financial obligation, possibly by bringing in more partners on the project.
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