Since voters approved a $210 million bond in 2020, Prosper’s population has increased by a rate of about 50%, according to data from the Prosper Economic Development Corporation.
Deputy Town Manager Bob Scott said growth required the town to accelerate the 2020 bond program to finish in six years, rather than the initially planned 10 years.
As a result, town officials are expecting to run out of capacity from the 2020 bond by next year, Scott said.
“If we wanted to continue our road improvement program without stoppage, without a gap in there, we would ... have to have more authorization, which is what we’re seeking [with the bond election],” Scott said.
The big picture
The package is split into six propositions, with nearly half of the bond funding roads.
Prosper Town Council members unanimously voted Aug. 12 to place the bond package on the Nov. 4 ballot. If approved by voters, Scott said the bond would not raise Prosper’s current property tax rate.
“I’ve kind of watched [Prosper] go from 3,000 residents to where we are now and just explode,” Funk said. “Our community has grown so much that we need to do some of these things to facilitate the influx of people and then still balance some of the road and infrastructure [work], especially on the west side of town.”
Funk said some projects, such as a new recreation center, were left for future initiatives, so the bond could focus on immediate priorities, such as roads.
Director of Engineering Hulon Webb said at a July 22 meeting many of the road projects included are already under design, so they only need construction funding to move forward.
If any propositions fail, Scott said council could look for alternative financing, but road improvements would likely remain a priority.
A new town library facility is among the bond’s priorities, which Library Director Gary Landeck said is highlighted by the rising service demands as the town has grown.
“The library was never intended to stay in the space [within Town Hall],” Landeck said. “We’re trying to get ready for the future.”
Some context
The bond was first proposed at $183.8 million but increased by $8.5 million after updated property appraisals expanded the town’s funding capacity. If approved, bond funding would be spent over the next eight years.
As of September, Prosper has issued 70% of the funds from the 2020 bond, with 30% reserved for current and future projects.
Scott said 70% of the 2020 package went toward street infrastructure, which allowed the 2025 bond committee to focus on other priorities.
“[The bond package] is a little more evenly spread across all avenues of things,” Funk said.
More details
Although state law requires ballots to list each referendum as a tax increase, Scott said the proposed bond would not raise Prosper’s property tax rate, which was adopted at $0.505 per $100 valuation.
“What we’re trying to do is hit that balance where we’re not putting a huge amount of assets in place way in advance of when we need them,” Scott said. “So we keep the tax rate reasonable, but at the same time, we promote future growth, and we support the growth that’s already here.”
Dates to know
- Oct. 6: voter registration deadline
- Oct. 20-31: early voting
- Nov. 4: Election Day
