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Council Passes First Reading of Long-Term Ground Lease for Interstate Parcel

On May 8, 2012 , the Town Council passed the first reading of an ordinance of a long-term ground lease with David O’Neil and his development firm, Brynn Grey X, LLC to bring a Whole Foods and associated commercial development to the Interstate Parcel. In order for the Town to enter into a contract for the Interstate Parcel, it must be presented to Council in the form of an ordinance. An ordinance is required to have two public hearings before the Council for review and approval. The second reading of this ordinance is slated for the Town Council’s May 22, 2012 meeting.  All meetings are open to the public and public comments are part of the hearing process.

If the ordinance receives approval from Council (through the two hearing process), next steps include that the project must go through the Town’s land use development application process. Any development on the site is required to obtain approval from the Frisco Planning Commission. It is anticipated that the land use process would begin in late May and go through the remainder of the year. For more information please review the following documents below:

Interstate Parcel Lease Agreement as of 5.8.12

Recent Background of the Interstate Parcel

Economic and Fiscal Impacts Long-Term Ground Lease

Next Steps Outline

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