APRIL 11, 2023 - One of the largest vacant properties in Allen now qualifies for additional support as it transforms from hayfields to a regional employment hub.
Located on the southwest corner of US-75 and SH-121, Sloan Corners is expected to add more than $2 billion to the City’s tax base and support 30,000 new jobs once fully developed. The 260-acre property is owned by the Billingsly Company, an award-winning developer known for master-planned communities with a focus on walkable amenities, natural spaces and artistic designs.
During the April 11 council meeting, the property was designated as both a “reinvestment zone” and “tax increment finance district.” As such, a portion of property taxes generated by new buildings and other improvements will be reinvested back into the property to build Sloan Corners’ streets, utility lines and other infrastructure. Similar designations are used at other large developments in Allen, including Watters Creek Village and The Farm. The agreements can serve as an important kick-start for development, speed up the building process and generate property and sales tax dollars more quickly than if no reimbursement plans were in place.
The refinancing agreement with Sloan Corners will begin in 2026 and last for 30 years. During this period, up to 50% of the tax revenue generated by property improvements to Sloan Corners will be reimbursed by the City over time. The reimbursement must be used by developers to build infrastructure typically funded through the City budget, including new streets, water lines, sewer lines and storm drains. Remaining tax revenue will be retained by the City of Allen to support the overall City budget.
A financial analysis indicates that if Billingsley LD, Ltd. is paid the maximum reimbursement of nearly $75 million, the City of Allen would receive funding of approximately $359 million.
Developers must meet key project milestones in order to begin qualifying for the reimbursement, including construction of 150,000 square feet in office space and 35,000 square feet in retail space by July 1, 2026. Additional benchmarks guarantee that City reimbursements will not outpace development.