2025-62 O - Creating Tax Increment Reinvestment Zone No. 3 (TIRZ NO. 3)TOWN OF PROSPER, TEXAS
ORDINANCE NO. 2025-62
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, DESIGNATING A CONTIGUOUS GEOGRAPHIC AREA WITHIN
THE CORPORATE LIMITS AND EXTRATERRITORIAL JURISDICTION OF
THE TOWN AS REINVESTMENT ZONE NUMBER THREE, TOWN OF
PROSPER, TEXAS, PURSUANT TO THE TAX INCREMENT FINANCING
ACT, CHAPTER 311, TEXAS TAX CODE, AS AMENDED; ESTABLISHING
A BOARD OF DIRECTORS FOR THE ZONE; ESTABLISHING THE TAX
INCREMENT BASE FOR THE ZONE; PROVIDING FOR THE EFFECTIVE
DATE AND TERM OF THE ZONE; CREATING A TAX INCREMENT FUND
FOR THE ZONE; CONTAINING FINDINGS AND PROVISIONS RELATED
TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Prosper, Texas (the "Town") is a home -rule municipality
operating under the Constitution and laws of the State of Texas; and
WHEREAS, Chapter 311, Texas Tax Code, as amended (the "Act'), authorizes the
governing body of a municipality to designate a contiguous geographic area located within its
corporate limits or extraterritorial jurisdiction, or both, as a reinvestment zone for the purpose
of promoting development or redevelopment of the area; and
WHEREAS, the Town Council has determined that the creation of a reinvestment zone
for a portion of the Town and its extraterritorial jurisdiction would promote development and
redevelopment in accordance with the Act; and
WHEREAS, a preliminary project and financing plan for the proposed reinvestment
zone has been prepared in accordance with Section 311.003(b) of the Act; and
WHEREAS, notice of a public hearing on the creation of the proposed reinvestment
zone was published in a newspaper of general circulation in the Town in accordance with
Section 311.003(c) of the Act; and
WHEREAS, the Town Council conducted a public hearing on November 25, 2025, at
the Prosper Town Hall, 250 W. First Street, Prosper, Texas, to receive public comment on the
creation of the proposed reinvestment zone, the preliminary project and financing plan, and
the potential benefits to the Town; and
WHEREAS, a map of the proposed reinvestment zone boundaries and the preliminary
project and financing plan were made available for public inspection in accordance with
Section 311.003(b) of the Act; and
WHEREAS, property owners within the proposed reinvestment zone were given the
opportunity to protest the inclusion of their property in the zone in accordance with Section
311.003(d) of the Act; and
WHEREAS, the Town Council finds that the proposed reinvestment zone meets the
criteria for creation set forth in Section 311.005(a)(2) of the Act in that it is a predominantly
open or undeveloped area and the obsolete platting, deterioration of structures or site
improvements, or other factors substantially impair or arrest the sound growth of the
municipality; and
WHEREAS, the Town Council finds that the total appraised value of taxable real
property in the proposed reinvestment zone and in existing reinvestment zones does not
exceed fifty percent (50%) of the total appraised value of taxable real property in the Town
and its extraterritorial jurisdiction, as required by Section 311.006(a)(2)(B) of the Act; and
WHEREAS, the Town Council finds that less than thirty percent (30%) of the property
in the proposed reinvestment zone is residential property, as required by Section
311.006(a)(1) of the Act; and
WHEREAS, the Town Council finds that the improvements in the zone will significantly
enhance the value of all taxable real property in the zone and will be of general benefit to the
Town; and
WHEREAS, the Town Council desires to designate the area described herein as a
reinvestment zone pursuant to Chapter 311, Texas Tax Code.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF PROSPER, TEXAS, THAT:
SECTION 1
Findings Incorporated. The above and foregoing recitals are hereby found to be true
and correct and are incorporated herein as findings of fact and as part of the operative
provisions hereof.
SECTION 2
Creation of Reinvestment Zone. Pursuant to Chapter 311, Texas Tax Code, there is
hereby created a reinvestment zone over the area described in Section 3 below. The zone
shall be known as "Reinvestment Zone Number Three, Town of Prosper, Texas" ("TIRZ No.
3" or the "Zone").
SECTION 3
Zone Boundaries. The boundaries of the Zone are described by the parcel
identification list attached hereto as Exhibit C and depicted on the map attached hereto as
Exhibit A, both of which are incorporated herein by reference for all purposes.
SECTION 4
Zone Eligibility Findings. The Town Council hereby makes the following findings with
respect to the Zone:
(a) The Zone meets the criteria for creation set forth in Section 311.005(a)(2) of the
Act in that it is a predominantly open or undeveloped area and the obsolete platting,
deterioration of structures or site improvements, or other factors substantially impair or
arrest the sound growth of the municipality.
(b) Development and redevelopment of the Zone would not occur solely through
private investment in the reasonably foreseeable future without the designation of the
Zone.
(c) The improvements in the Zone will significantly enhance the value of all taxable real
property in the Zone and will be of general benefit to the Town.
(d) Less than thirty percent (30%) of the property in the Zone is residential property as
defined by Section 311.006(a)(1) of the Act.
(e) The total appraised value of taxable real property in the Zone and in existing
reinvestment zones does not exceed fifty percent (50%) of the total appraised value of
taxable real property in the Town and its extraterritorial jurisdiction as required by
Section 311.006(a)(2)(B) of the Act.
Ordinance No. 2025-62, Page 2
(f) No persons will be displaced as a result of implementing the project plan for the
Zone; therefore, no method of relocating displaced persons is required pursuant to
Section 311.011(b)(4) of the Act.
SECTION 5
Tax Increment Base. The tax increment base for the Zone is hereby established as
Two Hundred Fifty -Eight Million Nine Hundred Forty -Six Thousand Five Hundred Thirty -Eight
Dollars ($258,946,538), which is the total appraised value of all taxable real property in the
Zone as of January 1, 2024, as certified by the Collin Central Appraisal District and Denton
Central Appraisal District.
SECTION 6
Effective Date and Term of Zone. The Zone shall take effect immediately upon
passage of this Ordinance and shall terminate on December 31, 2045, unless extended or
terminated earlier by action of the Town Council in accordance with the Act. The Zone shall
be in existence for a period not to exceed twenty (20) years from its effective date.
SECTION 7
Tax Increment Find. There is hereby created a tax increment fund for the Zone, which
shall be known as the "Tax Increment Fund — Reinvestment Zone Number Three, Town of
Prosper, Texas" (the "Fund"). All tax increments, revenue from the sale of tax increment bonds
or notes, revenue from the sale of property acquired as part of the tax increment financing
plan, and other revenues to be dedicated to the Zone shall be deposited in the Fund. The
Fund shall be maintained in accordance with Section 311.014 of the Act.
SECTION 8
Town's Tax Increment Participation. The Town shall participate in the Zone by
contributing fifty percent (50%) of the tax increment produced by the Town's maintenance and
operations tax rate on property within the Zone to the Fund. The Town shall retain one
hundred percent (100%) of the tax increment produced by the Town's interest and sinking
(debt service) tax rate. The Town's participation in the Zone is subject to annual appropriation
by the Town Council.
SECTION 9
Board of Directors. A Board of Directors (the "Board") is hereby created for the Zone.
The Board shall consist of seven (7) members as follows: the Mayor of the Town, who shall
serve as Chairman of the Board, and the six (6) members of the Town Council, each serving
by virtue of their elected office. Members shall serve on the Board for the duration of their
respective terms on the Town Council, and their successors in office shall automatically
become members of the Board. The Board shall make recommendations to the Town Council
concerning the administration, operation, and financing of the Zone. Other taxing units that
levy taxes on property within the Zone may appoint additional members to the Board in
accordance with Section 311.009(a) of the Act.
SECTION 10
Project and Financing Plans. The Board shall prepare and submit to the Town Council
for approval a project plan and a reinvestment zone financing plan for the Zone in accordance
with Section 311.011 of the Act. The preliminary project and financing plan attached hereto
as Exhibit B is hereby adopted as the basis for the final project and financing plans to be
prepared by the Board. No expenditure of Zone funds shall be made and no costs shall be
Ordinance No. 2025-62, Page 3
reimbursed from Zone funds until the Town Council has approved the final project and
financing plans.
SECTION 11
Participation by Other Taxing Units. Other taxing units that levy taxes on property
within the Zone are hereby invited to participate in the Zone by dedicating all or a portion of
their tax increment to the Fund in accordance with Section 311.013(f) of the Act. The Town
Manager or designee is authorized to negotiate participation agreements with other taxing
units on behalf of the Town, subject to approval by the Town Council.
SECTION 12
Severability. If any provision of this Ordinance or the application thereof to any person
or circumstances is held invalid, such invalidity shall not affect other provisions or applications
of this Ordinance that can be given effect without the invalid provision or application, and to
this end, the provisions of this Ordinance are declared severable.
SECTION 13
Open Meetings. It is hereby found and determined that the meeting at which this
Ordinance was considered was open to the public as required by law and that public notice of
the time, place, and purpose of said meeting was given as required by Chapter 551, Texas
Government Code.
SECTION 14
Effective Date. This Ordinance shall take effect immediately upon its passage as
provided by Section 311.004(a)(3) of the Act.
DULY PASSED, APPROVED, AND ADOPTED BY THE TOWN COUNCIL OF THE
TOWN OF PROSPER, TEXAS, ON THIS 9TH DAY OF DECEMBER, 2025.
-Dzz� -r�-
David F. Bristol, Mayor
ATTEST:
wt-ukw ", st6au-"�
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM:
Terrence S. W ich, Town Attorney
Ordinance No. 2025-62, Page 4
EXHIBIT A
ZONE BOUNDARY MAP
The following map depicts the boundaries of Reinvestment Zone Number Three, Town
of Prosper, Texas. The Zone boundary map is the same map included in the Preliminary
Project and Financing Plan for TIRZ No. 3.
Total Zone Area: Approximately 1,356.20 acres
The Zone boundary map is on file with the Town Secretary at Prosper Town Hall, 250
W. First Street, Prosper, Texas, and is incorporated by reference from the Preliminary Project
and Financing Plan.
Map References: The Zone is generally bounded by:
North: Frontier Parkway
South: US Highway 380
East: N Coleman Street corridor
West: N Dallas Parkway corridor
Major roadways within or adjacent to the Zone include Frontier Parkway, E. 1 st Street,
W. Prosper Trail, E. Prosper Trail, and the Town corporate limits.
Ordinance No. 2025-62, Page 5
W Proz er Td
— Frontier PLwr--- =
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Ordinance No. 2025-62, Page 6
EXHIBIT B
PRELIMINARY PROJECT AND FINANCING PLAN
The following summarizes the key elements of the Preliminary Project and Financing
Plan for Reinvestment Zone Number Three, Town of Prosper, Texas. The complete
Preliminary Project and Financing Plan is on file with the Town Secretary at Prosper Town
Hall, 250 W. First Street, Prosper, Texas.
Zone Name
Tax Increment_ Base Value . 202� 4)
Zone Term T _
Town P_articip4on Rate
Estimated Project Costs
Primary Project Categories
Reinvestment Zone Number Three, Town of
Prosper, Texas
$258,946,538
20 Years (throrigh December 31, 2045)
50% of M&O Tax Increment; 0% of I&S
$215,800,000
Streets/Roads, Parks/Recreation, Public
Facilities, Utilities, Drainage, Public Safety
Ordinance No. 2025-62, Page 7
EXHIBIT C
ZONE BOUNDARY DESCRIPTION / PARCEL LIST
The following parcels comprise Reinvestment Zone Number Three, Town of Prosper,
Texas:
Total Zone Area 1,356.20 acres
Total Parcels 200 _
Tax Increment Base Value $258,946,538
Appraisal District - — Collin Central Appraisal District
PARCEL IDENTIFICATION LIST
PROP ID
GEOID
960552
R-0972-001-0010-1
960561
R-0972-001-0050-1
960570
R-0972-001-0070-1
960589
R-0972-001-0080-1
960598
R-0972-001-0100-1
960605
R-0972-001-0120-1
960632
R-0972-001-0150-1
960669
R-0972-001-018A-1
960678
R-0972-001-018E-1
960687
R-0972-001-0210-1
960696
R-0972-001-0230-1
960703
R-0972-002-0010-1
960721
R-0972-002-0030-1
960730
R-0972-002-006A-1
960749
R-0972-002-0066-1
960767
R-0972-002-0140-1
960776
R-0972-002-0170-1
960785
R-0972-002-0180-1
960794
R-0972-002-0220-1
960801
R-0972-003-0010-1
960829
R-0972-003-0030-1
960838
R-0972-003-0050-1
960847
R-0972-003-0060-1
960856
R-0972-003-0070-1
960927
R-0972-004-0010-1
960936
R-0972-004-0020-1
960945
R-0972-004-0040-1
960954
R-0972-004-0060-1
960963
R-0972-004-0001-1
961007
R-0972-004-01413-1
961025
R-0972-004-0190-1
961034
R-0972-004-0200-1
961043
R-0972-004-0210-1
961114
R-0972-006-0180-1
961150
R-0972-008-0010-1
961178
R-0972-008-0030-1
Ordinance No. 2025-62, Page 8
PROP ID
GEOID
961187
R-0972-008-0050-1
967564
R-6147-004-0070-1
967573
R-6147-004-0080-1
967591
R-6147-004-0100-1
967644
R-6147-005-0140-1
967662
R-6147-005-0160-1
967699
R-6147-004-0190-1
968368 _
R-6147-007-0470-1
968581
R-6147-007-0690-1
968787
R-6147-007-0890-1
968858
R-6147-007-0960-1
968867
R-6147-007-0970-1
968876
R-6147-007-0980-1
968885
R-6147-007-0990-1
968894
R-6147-007-1000-1
968901
R-6147-007-1010-1
968910
R-6147-007-1020-1
968929
R-6147-007-1030-1
968983
R-6147-007-1080-1
968992
R-6147-007-1090-1
969009
R-6147-007-1100-1
969018
R-6147-007-1110-1
969027
R-6147-007-1120-1
969036
R-6147-007-1130-1
969045
R-6147-007-1140-1
969296
R-6147-007-1390-1
969376
R-6147-007-1470-1
969385
R-6147-007-1480-1
972594
R-1114-026-0010-1
972601
R-1114-027-0010-1
976420
R-0976-003-003A-1
977081
R-0976-001-001 A-1
977090
R-0976-001-001 B-1
977125
R-0976-002-002B-1
977134
R-0976-002-002C-1
977152
R-0976-002-002E-1
977189
R-0976-002-002H-1
977198
R-0976-003-003B-1
977205
R-0976-003-003C-1
977214
R-0976-003-003D-1
977232
R-0976-004-004E-1
977241
R-0976-004-004C-1
977269
R-0976-005-0010-1
983751
R-6147-001-0390-1
984082
R-6147-003-1710-1
984126
R-6147-001-0460-1
984135
R-6147-001-0470-1
999138
R-0976-004-004A-1
1368111
R-1114-028-0010-1
1368148
R-1114-029-0010-1
1516381
R-6147-007-1510-1
1516407
R-6147-007-1520-1
1516452
R-6147-007-1570-1
Ordinance No. 2025-62, Page 9
PROP -ID
1516461
1516470
1516489
1516498
1526959
1529108
1622408
1633584
1876027
1876036
1876045
1876054
1905095
1905102
1970714
1995999
2012815
2012816
2012817
2012818
2012819
2012820
2012821
2012822
2012824
2018118
2029138
2031564
2031565
2046675
2071404
2075365
2558608
2558610
2562827
2562831
2562833
2563374
2571152
2575645
2584594
2613055
2613199
2613790
2619056
2619063
2625341
2625342
2632453
2648816
2648818
2656402
2669776
G EO_I D
R-6147-007-1580-1
R-6147-007-1590-1
R-6147-007-1600-1
R-6147-007-1610-1
R-6147-007-1620-1
R-6147-007-1640-1
R-6147-002-0640-1
R-6147-005-0310-1
R-2050-001-OOAO-1
R-2050-001-OOBO-1
R-2050-001-OOCO-1
R-2050-001-00DO-1
R-0976-003-003E-1
R-0976-003-003F-1
R-6147-002-0680-1
R-0976-001-001C-1
R-2983-000-0010-1
R-2983-000-0020-1
R-2983-000-0030-1
R-2983-000-0040-1
R-2983-000-0050-1
R-2983-000-0060-1
R-2983-000-0070-1
R-2983-000-0080-1
R-2983-000-0100-1
R-6147-001-0630-1
R-0972-001-0190-1
R-0976-001-001E-1
R-0976-001-001 F-1
R-6147-004-0330-1
R-6147-004-0340-1
R-6147-004-0300-1
R-6147-004-0360-1
R-6147-001-0350-1
R-6147-004-0200-1
R-6147-005-0110-1
R-6147-004-0320-1
R-6147-004-0060-1
R-6147-001-0410-1
R-6147-001-0400-1
R-6147-003-1700-1
R-6147-001-0370-1
R-6147-005-1740-1
R-6147-005-1790-1
R-9270-OOA-0020-1
R-0972-002-013A-1
R-0972-002-013B-1
R-6147-001-0650-1
R-9685-OOA-0020-1
R-9685-OOA-0040-1
R-9772-OOA-0010-1
R-6147-005-1800-1
Ordinance No. 2025-62, Page 10
PROP_I❑
GEO_I❑
2675345
R-6147-005-0170-1
2678369
R-6147-005-1750-1
2680328
R-9270-OOA-001 R-1
2680329
R-9270-OOA-0030-1
2685334
R-6147-005-0129-1
2692598
R-0972-006-0002-1
2696052
R-10430-OOX-0020-1
2705161
R-6147-007-2000-1
2714222
R-2050-002-001 R-1
2726548
R-10872-OOX-0060-1
2734310
R-2983-OOA-0090-1
2740794
R-2050-002-0020-1
2740865
R-0976-002-001 R-1
2740866
R-0976-002-002R-1
2740868
R-0976-002-003R-1
2749342
R-0972-003-012A-1
2749343
R-0972-003-012E-1
2761775
R-1114-027-001 G-1
2764962
R-6147-003-1810-1
2764963
R-6147-004-0520-1
2764999
R-9449-OOA-002R-1
2765001
R-9449-OOA-001 R-1
2783470
R-1 1607-OOA-001 0-1
2784160
R-6147-007-0950-1
2794292
R-6147-007-2050-1
2796649
R-6147-001-0740-1
2809722
R-11638-OOA-001 R-1
2815460
R-6147-007-2070-1
2817082
R-11366-00B-0010-1
2828237
R-11366-OOB-0080-1
2828238
R-11366-OOB-0090-1
2837319
R-12381-OOA-0010-1
2837320
R-12381-OOA-0020-1
2846514
R-11366-OOB-0030-1
2851656
R-0972-004-0070-1
2856947
R-12655-003-001 A-1
2856968
R-12671-OOA-0010-1
2862448
R-12714-OOA-0010-1
2862460
R-12714-OOA-0020-1
2862461
R-12714-OOA-0030-1
2864862
R-11366-OOB-0040-1
2864863
R-11366-OOB-0050-1
2880384
R-11638-OOA-002R-1
2895416
R-6147-005-1870-1
2895417
R-6147-005-1890-1
2896153
R-11366-OOA-008R-1
2898661
R-6147-003-1840-1
2899364
R-13168-003-002A-1
2930289
11638-OOA-03R1-1
2930290
11638-OOA-03R2-1
2930328
R-6147-005-0150-1
2941878
R-6147-005-1900-1
2943988
R-12714-OOA-0040-1
Ordinance No. 2025-62, Page 11
PROP ID GEOID
2943992 R-12714-06A-005Z-1
2943998 R-12714-OOA-0060-1
2944000 R-12714-OOA-0070-1
2944095 R-6147-007-2120-1
2950985 R-6147-001-0820-1
Ordinance No. 2025-62, Page 12