Texas city OKs bond-financed soccer stadium renovations

A Major League Soccer stadium in Frisco, Texas, will undergo bond-financed renovations under an agreement approved Tuesday by the city council.

The Frisco Community Development Corp. will issue up to $182 million of sales tax revenue bonds for the Toyota Stadium project, which must commence by Dec. 31, 2025, and be completed by the end of 2028.

Sources to pay off the debt include a tax increment reinvestment zone and bi-annual lease payments made through 2057 by FC Dallas team owner Hunt Sports Group, which will be responsible for any stadium capital improvements exceeding $182 million, according to the master development agreement.

Frisco Mayor Jeff Cheney praised an "already successful" public-private partnership involving the city, the team's owner, the Frisco Independent School District, and the development corporation that will span the next 30 years.

"This stadium was built more than 20 years ago on an empty field which, at the time, seemed to be in the middle of nowhere," he said in a statement. "Today, Toyota Stadium is synonymous with championships, marquee events, and youth development leagues, not to mention being home to Major League Soccer's FC Dallas."

The city, located north of Dallas, said the stadium improvements will create jobs and increase sales tax and tourism revenue.

The stadium, which opened in 2005, is the league's third-oldest soccer-specific venue, according to the team.

The project will expand club seating by 175% and suite capacity by 58% and install a roof structure to provide shade for the majority of stadium bowl seating. There will also be more restrooms and concessions, along with audio/video technology enhancements and an upgraded drainage system for the field.

The stadium, which currently seats nearly 19,100 for soccer matches, previously underwent more than $55 million in renovations, including the construction of a National Soccer Hall of Fame that opened in 2018.