From the city of Frisco:
FRISCO, Texas, June 4, 2012 – The Frisco City Council, the Frisco Economic Development Corporation (FEDC), and the Frisco Community Development Corporation (FCDC), tonight unanimously approved the tentative agreement with Exide Technologies announced last week in which the FEDC and FCDC will purchase 180 undeveloped acres of land surrounding the Exide Frisco plant for $45 million. Under the terms of the agreement, Exide will cease business operations by the end of 2012.
Exide Technologies will retain ownership of approximately 80 acres that compose the federal- and state-permitted plant site. The Exide Board of Directors has also approved the agreement, which is now fully ratified. Exide will remove the plant’s industrial facilities and cleanup the site in accordance with state and federal regulations.
“We are extremely excited about the prospects open to us now to put this real estate to use in attracting new business to Frisco,” said Frisco Mayor Maher Maso. “Cities that have grown as fast as Frisco rarely have the opportunity to secure this much prime land in the heart of the community.”
The FEDC plans to sell parcels of land that stretch along the Dallas North Tollway corridor for corporate and regional headquarter development, and the FCDC plans to use its parcels for parks and other municipal purposes.
David Porter, Chairman of the FEDC Board, said, “The Frisco Economic Development Corporation looks forward to evaluating and developing options for our 86-acres of Tollway frontage property that will result in the highest value and best use of that land for the City of Frisco and its citizens.”
Allen Biehl, Chairman of the FCDC, said, “We’ve always done creative things, and this is another example of how the community took a positive approach that avoided adversarial legal proceedings, which could have loomed over development plans for years.”
Biehl described the property as a potential pearl in a necklace of projects that will link together the future Grand Park, Frisco Discovery Center, the future Museum of the American Railroad, and Heritage Center.
The most valuable acreage purchased in the agreement stretches a little more than a third of a mile along the east frontage of the Dallas North Tollway. It’s a prime address for commercial office space and will spur development between the Tollway intersections of Stonebrook Parkway and Main Street.
City Manager George Purefoy said, “The agreement assures the City of Frisco the opportunity to develop out Frisco to its maximum potential. We are acquiring real estate around the city’s premier developments that will enhance the value of all properties.”
Purefoy indicated that property designated for civic use provides an ideal location for a new fire fighter training center and that the city could utilize an administration building that will remain on the plant site.
The 180-acres secured under the agreement complements developments in Frisco’s Center City, which include: Frisco City Hall, Frisco Public Library, Simpson Plaza, FC Dallas (soccer) Stadium, and historical downtown.