Prosper Town Council members discussed the possibility of calling an estimated $150 million bond program for a Nov. 4, 2025 election, and what it would look like for residents, during an Oct. 8 meeting.
The bond program’s total could change over the next several months as town staff work to refine a list of projects and costs, according to a meeting presentation.
Current situation
Deputy Town Manager Bob Scott said projects included in the bond election would touch on all five of the town council’s strategic visioning priorities, which are:
- Accelerating infrastructure
- Developing downtown Prosper as a destination
- Ensuring the town’s commercial corridors are ready for development
- Continuing to provide excellent municipal services
- Working towards a growing and diversified tax base
A list of potential bond projects is expected to be created over December 2024-March 2025, according to a meeting presentation.
The main challenge is putting in improvements, such as roads or facilities, fast enough for both the current population and future population without placing unnecessary burden on Prosper taxpayers, he said.
On one hand, doing too much too fast will mean the town’s current residents will see higher taxes to pay for it, Scott said. On the other hand, adding infrastructure improvements too slowly could mean townwide “traffic gridlock” and missing out on development opportunities.
“It’s a real balancing act,” Scott said.
Something to note
The North Texas Tollway Authority’s Dallas North Tollway widening project could mean spending millions of dollars on just Prosper’s portion of Dallas Parkway, Scott said.
Breaking it down
Signing up for a bond can have a significant effect on the town’s property tax rate, Scott said.
Prosper’s current $0.505 tax rate is made up of two separate rates:
- $0.324608 to maintenance and operations, which goes toward day-to-day operations
- $0.180392 to interest and sinking, which pays back the town’s debt
It is important that the town schedule out its projects based on priority, Scott said.
“We have to be very aware of the operating impacts,” Scott said.
Looking ahead
The projects that were included in the town’s 2020 bond program are projected to wrap up 2026. In order to continue the capital improvement projects the town needs, the town must obtain additional voter authorization, according to a statement included in meeting documents.
A bond committee was formed in September. Here is a look at the other steps town officials will need to take before a 2025 bond election.
- October-November 2024: Bond committee begins meeting to explain timing, process and status of the 2020 bond program projects
- December 2024-March 2025: Town staff identify projects and calculate cost estimates
- March 2025: Cost estimates refined for staff-identified projects
- April 2025: Preliminary rolls received from Prosper’s Central Appraisal Districts and a final no tax rate increase size is calculated
- April 2025: Bond committee receives a financial overview, town’s financial policies, debt levels and confirmed no tax rate increase size
- April-June 2025: Bond committee receives project presentations and prioritizes them into ballot questions
- July 8, 2025: Committee presents recommendations to council
- July 22, 2025: First meeting where council can call the election
- Aug. 12, 2025: Last meeting for council to call the election
- Aug. 13: Bond committee is disbanded as town must remain neutral during elections
- Oct. 20-31, 2025: Early voting
- Nov. 4, 2025: Election day
