Prosper officials are moving forward with plans to create a new tax increment reinvestment zone, or TIRZ, aimed at encouraging development along the Dallas North Tollway and surrounding areas.

The proposed TIRZ No. 3 would generally include property along Dallas Parkway from US 380 to Frontier Parkway and parts of the downtown area. At their Nov. 25 meeting, Prosper Town Council held a public hearing on the creation of the new TIRZ and reviewed the proposed investment plan.

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

Zooming in

According to town documents , the TIRZ could fund just over $193 million in projects over a 20-year period. Potential investment categories include:

$100.5 million for

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