|Ballot Proposition||The issuance of $75 million general obligation bonds for promoting economic development within the city and the imposition of a tax sufficient to pay the principal of and interest on the bonds.
La emisión de $75,000,000 en bonos de obligación general para fomentar el desarrollo económico dentro de la ciudad y la imposición de un impuesto suficiente para pagar el capital e intereses de los bonos.
|If I vote FOR||The city will issue $75 million in bonds to fund economic development.|
|If I vote AGAINST||The city will not issue $75 million in bonds.|
|Tax Consequences||The city does not expect the bond issue to impact the current property tax rate, which has not been increased since 1992. However, if the economy declined, bond debt would still be due, and the city might consider a property tax increase if no other means of funding could be found.
|What is a Bond?||A bond is essentially an IOU. Instead of going to a bank to get a loan, like an individual might do, governments can issue bonds to raise money for specific projects. An investor buys a bond on the understanding that they will be paid back, in full and with interest, on a set date (limited by law to 40 years). In most cases, governments must seek voter approval to issue a bond|
|Proposed Improvements||According to the city, “The proposition supports economic development and revitalization of commercial, retail, residential and mixed-use development and neighborhoods throughout the city, such as corridor and facade improvements, land acquisition and other development and redevelopment investments in targeted areas within the community.”
If approved, economic development funds could be used for the following purposes:
- Buying land and building infrastructure for eligible projects
- Constructing facilities such as hotels, restaurants, or parking structures for hospitality/entertainment projects
- Financing projects that provide long-term revenue streams for the city
- Awarding grants or loans for development projects
|Resources||Contact City Secretary
City of Grand Prairie, “$75 Million Economic Development Bond,” https://www.gptx.org/city-government/city-secretary/elections/75-million-economic-development-bond (includes links to information in English, Spanish, and Vietnamese)
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