At its Dec. 9 meeting, Prosper Town Council unanimously approved the creation of the new TIRZ and its proposed investment plan.
The new TIRZ No. 3 generally includes property along Dallas Parkway from US 380 to Frontier Parkway and parts of the downtown area, according to town documents.
Zooming in
A TIRZ allows a municipality to use a portion of future increases in property tax revenue to fund public improvements within the zone.
Prosper currently has two other tax increment reinvestment zones, including TIRZ No. 1 around the Gates of Prosper area and TIRZ No. 2 at Dallas Parkway and US 380.
According to town documents, the new TIRZ No. 3 will fund just over $193 million in projects over a 20-year period. Potential investment categories include:
- $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 infrastructure
Assistant Town Manager Chuck Ewings said at a Nov. 25 public hearing that 50% of the new increment would be dedicated to TIRZ projects and 50% toward the town’s general fund.
Zooming out
Town documents note future development projects will “far exceed the amount projected in the plan,” referencing the recently proposed $313 million Bella Prosper mixed-use development.
The development, which was tabled until February 2026, would not fall within the proposed TIRZ, according to town documents.
One project that would be included in the proposed TIRZ is the Pradera mixed-use development at Dallas North Tollway and Frontier Parkway, which was approved by Town Council in 2023.
The development is expected to be a 20-year project, as previously reported by Community Impact.
Looking ahead
TIRZ No. 3 will have a 20-year duration, lasting until 2044, according to town documents.
