Late last week, word broke that the Dallas Cowboys were going to be moving their practice facilities to the Dallas suburb of Frisco, pending a vote of the Frisco city council. With everything else that was going on (hasn’t anyone told the nation’s city councils that they’re supposed to be on vacation now?), it barely registered on my radar — I figured the most notable thing was how the Cowboys’ old facility collapsed in a storm four years ago and paralyzed an assistant coach.
But I forgot: This is Texas. The financial numbers for the Frisco facility were released yesterday, and holy crap:
The city of Frisco, Frisco ISD, the Frisco Economic Development Corporation and the Frisco Community Development Corporation will pay a combined $115 million for the facilities to be built at Warren Parkway and the Dallas North Tollway in Frisco.
The agreement, which has been in the works for months, outlines the development of the indoor stadium, its use and maintenance, and the development of the team’s corporate headquarters. Those will be built on 25 of the 91 acres owned by the Frisco Community Development Corporation. The remaining 66 acres will be sold to the Blue Star companies for private development. The terms of that mixed use development are also included in the deal.
The agreement also details the formation of a tax increment reinvestment zone that will be formed on that 66 acres to generate money to finance for a separate parking structure for that private development.
That’s right, $115 million … for a practice facility. Plus free land. The TIF money, at least, looks like it’s part of the $115 million, not on top of it, but still, yeesh.
The Dallas Morning News, ever credulous, states that the practice facility is “expected” to be “a boon to the local economy as it anchors a new mixed-use development called Frisco Station.” I’ve often said that pro football stadiums are the worst possible development anchors, because they’re only active ten days a year, but a pro football practice facility might actually be even worse.
At least Frisco high-school football teams will get a nice place to play for their parents’ tax money — local high schools will get “priority” on Thursday and Friday evenings, according to the agreement. But still … holy crap.