Town Council approves designator developer program

By Aubrey Turner
For the Prosper Press
At a recent meeting of the Town Council, the Arbor Day celebration was discussed. The event will be held on Nov. 5.

Town Council met for the second meeting for the month of October on Tuesday, Oct. 26.  Council Member Charles Cotten made the announcements for the meeting.  Virtual presentations for the guidelines for the development around the Dallas North Tollway will be held on Oct. 28 and Nov. 8. 

These meetings will allow residents to give input on the land development. There will be a blood drive at the library on Nov. 5-6.  People who donate will receive a free t shirt and free Covid antibody testing.  Sign up information is available on the website. 

Arbor Day celebration will be Saturday November 6th at Town Hall.   

The Town Council discussed the refinancing of some bonds issued in 2012. 

“We are looking to sell the refunding bonds that were issued, which is basically like doing a refinance on your house,” Jason Hughes, from Hilltop Securities, said. “This is a request for approval for all of these bonds, which would allow us to work without having to come back to you each time.  We are looking for the lowest rate, be it in a  local, regional, or national bank.” 

“It is not urgent to decide now, but we need to be mindful of this so we can refinance without tax penalty,” Hughes said.  “I know you have a strategic planning meeting mid-November so you can discuss it then if you would like to wait and get more information.”   

“I would like to talk about this more in our strategic planning meeting next month,” council member Charles Cotten said. 

“I would like to evaluate this more, and I do not think there is a risk to wait a bit to be able to have a conversation. I would like for us to be able to pay down our debt here in the town.”  

Mayor Ray Smith encouraged the staff to think about this issue through developing questions before the meeting. 

“It takes a while to get all the answers to the questions, so please reach out to staff before the day of the meeting so they have the time to get the answers together,” Smith said.

The Town Council passed a motion to table this vote until the Nov. 23 meeting.

The Town Council heard a report about the newly formed Designator Developer program.  This is a program targeted for new developers in the area, projects that may need extra assistance in developing in Prosper, and people who may be new to developing.  This allows people who work with developers in permitting and support to have a designated staff member to assist as the project comes to fruition.  This project is driven by the customer’s needs.  This group was created to ensure more ease in developing in Prosper.  

Prosper Town Council meets twice monthly on the second and fourth Tuesday at 5:45.