Frisco Economic Development Corporation (FEDC) Profile

Background

The Frisco Economic Development Corporation (FEDC) is a Texas non-profit organization dedicated to fostering economic growth and enhancing the quality of life for Frisco residents. Established over 32 years ago, FEDC's mission is to attract and retain businesses, create employment opportunities, and support the city's development into a premier destination for corporate relocation and expansion.

Key Strategic Focus

FEDC's strategic objectives include:

Business Attraction and Retention: Facilitating the relocation and expansion of companies across various industries, thereby creating jobs and stimulating economic activity.

Infrastructure Development: Supporting the development of commercial spaces, mixed-use developments, and public-private partnerships to enhance Frisco's appeal to businesses and residents.

Innovation Ecosystem Support: Promoting technological innovation and entrepreneurship by attracting tech firms, startups, and venture capital investments.

Financials and Funding

As a non-profit entity, FEDC operates with funding derived from a fractional percent of local sales tax, allocated specifically for economic development purposes. This funding model enables FEDC to offer competitive incentives and support infrastructure projects that attract businesses to Frisco.

Pipeline Development

In recent years, FEDC has successfully attracted numerous companies and supported significant projects, including:

2022: Welcomed 16 new corporate brands and announced four major corporate expansions, expected to generate over 5,600 jobs. Notable projects include:

Teachers Insurance and Annuity Association (TIAA): Opening a regional headquarters with plans to bring over 2,600 jobs, making it the city's largest employer.

ExteNet Systems: Relocating headquarters from Chicago.

Boingo and Ruiz Foods: Relocating headquarters from California.

McAfee: Expanding regional headquarters at The Star in Frisco.

Toshiba Global Commerce Solutions: Opening an Innovation & Incubation Hub.

Comerica Bank: Planning a business and innovation hub.

2024: Spearheaded or supported 26 projects and four real estate developments, leading to over 4,000 new and retained jobs, more than $1.5 billion in private capital investment, and significant commercial space development. Key projects include:

Firefly Park

Fields West

The Mix

Toyota Stadium redevelopment and expansion

Technological Platform and Innovation

FEDC leverages Frisco's strategic location and business-friendly environment to attract technology companies and foster innovation. The city has become a hub for tech firms, startups, and venture capital investments, contributing to a dynamic and diverse economic landscape.

Leadership Team

Jason Ford: President

Oversees FEDC's strategic initiatives and operations, driving economic development efforts in Frisco.

Gloria Salinas: Senior Vice President & Chief Growth Officer

Leads growth strategies and business attraction efforts, focusing on expanding Frisco's economic base.

Harry C. Whalen: Director of Business Attraction & International

Manages initiatives to attract domestic and international businesses to Frisco.

Payton Capps: Manager of Business Attraction

Supports business attraction strategies and facilitates company relocations and expansions.

Competitor Profile

Market Insights and Dynamics

Frisco's strategic location within the Dallas-Fort Worth metroplex positions it as a competitive destination for business relocation and expansion. The city's rapid growth, business-friendly policies, and high quality of life contribute to its attractiveness for companies across various industries.

Competitor Analysis

While FEDC operates uniquely as a city-specific economic development entity, it competes with regional and state-level organizations in attracting businesses. Key competitors include:

Dallas Regional Chamber: Focuses on economic development across the Dallas region, offering resources and incentives to businesses considering relocation or expansion.

Plano Economic Development: Promotes business growth in the neighboring city of Plano, emphasizing its own strategic advantages and incentives.

Strategic Collaborations and Partnerships

FEDC has established significant collaborations to strengthen Frisco's market position and innovation capacity:

Public-Private Partnerships: Engages in partnerships that have led to developments like The Star in Frisco, a mixed-use complex that includes the Dallas Cowboys' headquarters and training facility.

State Incentives: Successfully secured State of Texas Enterprise Fund awards for companies like TIAA and Boingo, facilitating their relocation and expansion in Frisco.

Operational Insights

FEDC's strategic considerations include:

Competitive Incentives: Offers tailored incentive packages to attract and retain businesses, enhancing Frisco's appeal compared to neighboring cities.

Infrastructure Support: Facilitates the development of commercial spaces and mixed-use developments to accommodate business needs and support growth.

Talent Attraction: Leverages Frisco's highly educated workforce and quality of life to attract companies seeking skilled employees.

Strategic Opportunities and Future Directions

Looking ahead, FEDC aims to:

Expand Business Attraction Efforts: Continue targeting companies in emerging industries and technology sectors to diversify Frisco's economic base.

Enhance Infrastructure Development: Support additional mixed-use developments and commercial projects to accommodate business growth and attract new enterprises.

Foster Innovation Ecosystem: Strengthen partnerships with tech firms, startups, and venture capitalists to position Frisco as a leading innovation hub.