2025-56 R - Seeting Public Hearing for Creation of a Tax Increment Reinvestment Zone (TIRZ No. 3)TOWN OF PROSPER, TEXAS
RESOLUTION NO. 2025-56
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, CALLING A PUBLIC HEARING TO CONSIDER THE CREATION OF
THE TOWN OF PROSPER TAX INCREMENT REINVESTMENT ZONE NUMBER
THREE; PROVIDING FOR NOTICE OF SAID PUBLIC HEARING; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Prosper, Texas (the "Town") is a home -rule municipality
organized and existing under the laws of the State of Texas; and
WHEREAS, Chapter 311 of the Texas Tax Code, known as the "Tax Increment Financing
Act," authorizes municipalities to designate contiguous or non-contiguous geographic areas within
their corporate limits, extraterritorial jurisdiction, or both as reinvestment zones to promote
development or redevelopment of such areas if the governing body determines that development
or redevelopment would not occur solely through private investment in the reasonably foreseeable
future; and
WHEREAS, Texas Tax Code Section 311.003(b) requires that before adopting an
ordinance designating a reinvestment zone, the governing body of the municipality must prepare
a preliminary reinvestment zone financing plan; and
WHEREAS, Texas Tax Code Section 311.003(c) mandates that before adopting an
ordinance providing for a reinvestment zone, the municipality must hold a public hearing on the
creation of the zone and its benefits to the municipality and to property in the proposed zone, and
at the hearing an interested person may speak for or against the creation of the zone, its
boundaries, or the concept of tax increment financing; and
WHEREAS, Texas Tax Code Section 311.003(c) further requires that not later than the
seventh day before the date of the hearing, notice of the hearing must be published in a
newspaper having general circulation in the municipality; and
WHEREAS, Texas Tax Code Section 311.003(d) requires that a municipality proposing
to designate a reinvestment zone must provide a reasonable opportunity for the owner of property
to protest the inclusion of the property in a proposed reinvestment zone; and
WHEREAS, the Town Council finds that there exists within the Town certain areas that
meet the criteria set forth in Texas Tax Code Section 311.005 for designation as a reinvestment
zone; and
WHEREAS, the Town Council desires to consider the creation of the Town of Prosper Tax
Increment Reinvestment Zone Number Three (the "Zone") and wishes to call a public hearing to
receive input from interested persons regarding the proposed creation of said Zone; and
WHEREAS, the Town has prepared a preliminary reinvestment zone financing plan in
compliance with Texas Tax Code Section 311.003(b).
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
Public Hearing Called. A public hearing is hereby called and scheduled to be held on
November 25, 2025, at 6:15 p.m., at the Prosper Town Hall, located at 250 W. First Street,
Prosper, TX 75078, to consider the creation of the Town of Prosper Tax Increment Reinvestment
Zone Number Three and its benefits to the Town and to property in the proposed zone, in
accordance with the requirements of Texas Tax Code Section 311.003(c).
SECTION 2
Purpose of Public Hearing. The purpose of the public hearing shall be to: (a) Consider the
creation of the Town of Prosper Tax Increment Reinvestment Zone Number Three; (b) Receive
input regarding the benefits of the proposed zone to the Town and to property in the proposed
zone; (c) Allow any interested person to speak for or against the creation of the zone, its proposed
boundaries, or the concept of tax increment financing; and (d) Provide property owners a
reasonable opportunity to protest the inclusion of their property in the proposed reinvestment
zone, as required by Texas Tax Code Section 311.003(d).
SECTION 3
Notice Requirements. In compliance with Texas Tax Code Section 311.003(c), the Town
Secretary is hereby directed to publish notice of the public hearing in a newspaper having general
circulation in the Town not later than the seventh day before the date of the hearing. Said notice
shall include: (a) The date, time, and location of the public hearing; (b) The purpose of the hearing;
(c) A statement that interested persons may speak for or against the creation of the zone, its
boundaries, or the concept of tax increment financing; (d) A statement that property owners will
have a reasonable opportunity to protest the inclusion of their property in the proposed zone; and
(e) Information regarding where additional details about the proposed zone may be obtained.
SECTION 4
Preliminary Financing Plan. The Town Manager is hereby directed to ensure that a
preliminary reinvestment zone financing plan is prepared in accordance with Texas Tax Code
Section 311.003(b) prior to the public hearing.
SECTION 5
Compliance with Chapter 311. This Resolution and all actions taken pursuant hereto are
intended to comply fully with the requirements of Chapter 311 of the Texas Tax Code and all other
applicable state and local laws.
SECTION 6
Effective Date. This Resolution shall take effect immediately upon its passage and
approval.
Resolution No. 2025-56, Page 2
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS ON THIS I Ith DAY OF NOVEMBER, 2025.
David F. Bristol, Mayor
ATTEST:
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ichelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
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Terrence S. W Ich, Town Attorney
Resolution No. 2025-56, Page 3