Grand Prairie voters will soon decide to approve $ 75 million in economic development bonds.
If approved, the funding would support the revitalization of commercial, retail, residential and mixed-use developments and neighborhoods in Grand Prairie, including corridor and facade improvements and land acquisition, officials said. city.
Early voting begins April 19. Election day is May 1.
How would the money be used?
Bond funds could be used to purchase land and infrastructure for eligible projects; build hotels, restaurants or parking lots; finance projects that would provide the city with long-term sources of income; and granting loans or grants to development projects.
Would that increase the property tax rate?
City officials have said they do not plan to increase the tax rate following the bond election. However, “if the economy declined, bond debt would still be owed and the city may have to cut services, reduce its existing capital project program, or consider increasing the property tax rate to cover debt payments.” , the city said.
What is economic development?
The Grand Prairie Economic Development Department strives to attract, retain and grow businesses. The city does not have dedicated economic development funding, such as its 1 cent sales tax for parks, streets, and community policing.
When was the last approved bond election?
Grand Prairie voters last approved a 2001 bond election for $ 76 million for public safety, streets, signals and stormwater.