Prosper council to consider TIRZ along Dallas Parkway, downtown area

Prosper officials have taken the first step toward using an economic development tool to fund infrastructure and public projects along Dallas Parkway and in the downtown area.

Town Council members unanimously approved a resolution Nov. 11 to set a public hearing for the creation of Tax Increment Reinvestment Zone No. 3.

A tax increment reinvestment zone, or TIRZ, allows a municipality to use a portion of future increases in property tax revenue to fund public improvements within the zone.

What it means

According to town documents, TIRZ No. 3 would generally include property along Dallas Parkway from US 380 to Frontier Parkway and parts of the downtown area.

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.

What’s next?

A public hearing on the creation of TIRZ No. 3 is scheduled to take place Nov. 25, according to town documents.