Grand Prairie voters will soon decide whether to approve $75 million in bonds for economic development.
If approved, the funding would support the revitalization of commercial, retail, residential and mixed-use developments and neighborhoods throughout Grand Prairie, including corridor and facade improvements and land acquisition, city officials said.
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 structures; finance projects that would bring long-term revenue streams to the city; and award loans or grants to development projects.
Would this increase the property tax rate?
City officials said they do not anticipate an increase in the tax rate as a result of the bond election. However, “should the economy decline, bond debt would still be due and the city might have to cut services, reduce its existing capital project program or consider a property tax rate increase to cover debt payments,” the city said.
What is economic development?
Grand Prairie’s Economic Development Department works to attract, retain and grow businesses. The city does not have dedicated funding for economic development, like its 1-cent sales tax for parks, streets and community policing.
When was the last approved bond election?
Grand Prairie voters last approved a bond election in 2001 for $76 million for public safety, streets, signals and storm drainage.
