\t\t\t\t\t\t\tProsper officials are moving forward with plans to create a new tax increment reinvestment zone, or TIRZ, aimed at encouraging development along the Dallas North Tollway and surrounding areas.<\/p>\n
The proposed TIRZ No. 3 would generally include property along Dallas Parkway from US 380 to Frontier Parkway and parts of the downtown area. At their Nov. 25 meeting, Prosper Town Council held a public hearing on the creation of the new TIRZ and reviewed the proposed investment plan.<\/p>\n
A TIRZ allows a municipality to use a portion of future increases in property tax revenue to fund public improvements within the zone.<\/p>\n
Zooming in<\/p>\n
According to town documents<\/a>, the TIRZ could fund just over $193 million in projects over a 20-year period. Potential investment categories include:<\/p>\n $100.5 million for street and transportation projects$25.6 million for parks and downtown enhancements$40 million for public facilities, including a new recreation center$2.7 million in public safety operations and maintenance$22.3 million for utilities infrastructure$2 million for drainage infrastructureAssistant Town Manager Chuck Ewings said 50% of the new increment would be dedicated to TIRZ projects and 50% toward the town\u2019s general fund.<\/p>\n Ewings said the total projected revenue could range from $12.5 million to $40.2 million, assuming between 3%-7% annual growth.<\/p>\n \u201cThe expectation is … the values would grow a great deal more than what\u2019s projected,\u201d Ewings said. \u201cThis is just a simple projection because of the timing of when that growth will occur is unknown at this time.\u201d<\/p>\n Prosper currently has two other tax increment reinvestment zones, including TIRZ No. 1<\/a> around the Gates of Prosper area and TIRZ No. 2<\/a> at Dallas Parkway and US 380.<\/p>\n “><\/p>\n Some context<\/p>\n Town documents<\/a> note future development projects will \u201cfar exceed the amount projected in the plan,\u201d referencing the recently proposed $313 million Bella Prosper<\/a> mixed-use development.<\/p>\n The development, which was tabled<\/a> until February 2026, would not fall within the proposed TIRZ, according to town documents<\/a>.<\/p>\n One project that would be included in the proposed TIRZ is the Pradera<\/a> mixed-use development at Dallas North Tollway and Frontier Parkway, which was approved by Town Council in 2023.<\/p>\n