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Prosper residents can expect to see a new tax increment reinvestment zone, or TIRZ, aimed at boosting development along the Dallas North Tollway and parts of downtown.
What happened: 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. According to town documents, the new TIRZ No. 3 will fund just over $193 million in projects over a 20-year period.
One more thing: 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.
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