Downtown Incentives Request

Purpose

To provide incentives for the Neighborhood Empowerment Zone (NEZ) and Downtown Residential Revitalization Program (DRRP)

Required Forms & Exhibits

All requests are submitted online via the Citizen Self Service (CSS) Portal (Link)

• Owner Acknowledgment Form (PDF) - For Property owners, you must provide the deed to the property to verify ownership. For Third Party representation, you must provide documentation that you are an authorized signer for your business.
• Letter of Intent (PDF)
• Exhibits

Neighborhood Empowerment Zone (NEZ)

Criteria:

In order to qualify for the Neighborhood Empowerment zone (NEZ), you shall meet the following: 

• Located in the NEZ 1 (PDF)
• Meet the definition of "new, non-residential development" which means the demolition and/or the redevelopment of existing structure(s), when the demonstrated value of the new construction exceeds the value of the previous improvement by a minimum of fifty percent (50%), based on the most recent value determined by the Collin Central Appraisal District. 
• The owner shall agree to construction standards as established in the 
• Ordinance 2020-05 (PDF)

Incentives:

Upon execution of a development agreement, the Town shall waive 75% of the cost of the following fees: 

• building permit fees 
• construction inspection fees 
• structure demolition permit fees 
• certificate of occupancy fees 
• water, wastewater, and roadway impact fee

Downtown Residential Revitalization Program (DRRP)

Criteria:

In order to qualify for the Downtown Residential Revitalization Program (DRRP), you shall meet the following: 

• Located in Downtown area as depicted on Exhibit A  (PDF)
• Any single-family residential structure that has been on the Town's tax rolls for at least twenty-five (25) year prior to the date of application for participation in the program. 
• Demolishing or otherwise removing an eligible single-family residential structure and replacing it with a new single-family structure 
• Constructing on vacant property a new single -family residential structure. 
• The owner agree to construction standards for the residence and fee reimbursement requirements in the even that after five (5) years from the date of building final of the residence, the assessed value of the town's component of the property tax for the property must have increased by at least the amount of the fee waived. If so amount does not equal or is less, the owner shall be required to pay the difference within 30 days of notification by the Town. 
• Ordinance 2020-28 (PDF)
  

Incentives:

• The Town will not require the payment of any applicable impact fees or buildings fees. 

Downtown Master Plan

The Downtown Master Plan (PDF) can be found on the Town of Prosper Website by navigating to Planning, then Comprehensive Plan.