FRISCO, Texas (KXAN) — Plans are moving forward for Universal Parks and Resorts to develop a new theme park in Frisco.
The City of Frisco on Tuesday approved zoning to allow Universal to move forward with its “one-of-a-kind theme park,” which is designed specifically for families with young children, according to a press release from the city.
The plans for the park were announced in January. It will sit on 97 acres of land at the northeast corner of the Dallas Parkway at Panther Creek Parkway.
On Tuesday, Frisco’s Planning & Zoning Commission approved the Special Use Permit, or SUP, establishing development standards for the theme park project.
The vote was followed by City Council approving the permit and a development agreement.
According to the release, Frisco also approved a development agreement providing $12.7 million in performance-based economic incentives, all funded from sales tax collections generated by the project.
The incentives include $10.7 million in grants for infrastructure improvements and $2 million in tax reimbursements issued over 20 years. City staff “conservatively” estimated the theme park will have a $3 million financial impact, annually – or $30 million over ten years – in city property and sales tax received by the general fund.
“We’re excited to welcome Universal to our community and look forward to Frisco families making unforgettable park memories right here at home,” said Frisco Mayor Jeff Cheney. “We also want to thank our residents who made time to share their feedback about the project. Their thoughtful engagement helped shape the agreement we have today which, we believe, is even better than initially proposed. We also appreciate Universal’s measured approach and willingness to work with neighbors to develop a plan everyone can be proud of.”
Under the development standards outlined in the permit, the park will primarily operate between 10 a.m. and 6 p.m. on weekdays. Limited exceptions are allowed during holidays, special events and peak seasonal periods, according to the release.
There are no ‘minimum rider heights of 48 inches or greater’ for any rides to align with the target audience of ages, 3-11. The SUP limits amusement ride height to 100 feet or less.
There is still no target opening date or name for the park.
Click here to read more details about the theme park.