A Tax Increment Financing (TIF) zone, aims to bring economic development and increase taxable values within a specified area or zone. In 1996, the district entered into an agreement with the City of Grapevine to bring Grapevine Mills Mall and other businesses to a piece of undeveloped land. To learn more about the TIF agreement, click here to watch a brief explanatory video.
Why was MPS chosen for the TIF funds?
Receiving the TIF funds into the district’s general fund would have made them subject to Robin Hood. In order to keep 100% of the TIF funds in GCISD, they must be used for capital improvements within the City of Grapevine. They also must be designated for a joint-use education facility and benefit the TIF zone. Trustees approved using the money on Mustang-Panther Stadium because it is a facility that benefits the entire community and district. In addition, the new press box will be available throughout the year to provide a much-needed space for special events, staff professional development, and other meetings.
What work will be done on the visitor’s side?
The visitors side will undergo the concrete repairs as approved in the 2016 Bond, but at this time there are no funds for additional renovations of the visitors side. The district is hopeful that down the road slight modifications and renovations can be made to the visitors side so that it compliments the home side.
What is the construction timeline?
Construction on Mustang-Panther Stadium will be done in two phases. The first phase will repair the spalling concrete as approved in the 2016 Bond. The second phase will begin in the Fall of 2017 after the completion of football season. During the Spring of 2018, the district hopes to be able to still host regularly scheduled events at the stadium since there will be no work done on the field or the track.
Will this renovation add more seating?
The renovations on the stadium will require the reconfiguration of some seating areas; however, the seating capacity will not be increased with additional seating.