As Plano residents prepare to vote on the 2025 Bond Referendum this Saturday, the City Council has outlined a plan to borrow $647,910,000 for infrastructure and public service developments. According to information published by the City of Plano, early voting occurred from April 22 to April 29.
If approved, the bonds are intended to finance projects such as street improvements and public safety facilities while minimizing the tax impact on current residents. Future stakeholders are also expected to shoulder part of the cost, a method to fairly distribute the financial responsibility over time. "General obligation bonds are funds borrowed by the city for specific public purposes," the City of Plano explained, and they "ensure that future stakeholders will pay for their share of public improvements and services."
The bond's propositions are quite diverse, with Proposition A allocating the highest amount of $316,470,000 towards street improvements. Resident feedback and assessments of anticipated needs over the next four years played significant roles in the City Council’s determination of projects. A committee comprised of eight city citizens, including Connor Barron and Elle Cole, contributed their recommendations after consulting with the City staff and engaging in public meetings during the winter.
Homeowners can expect a tax rate impact of 2.90 cents, translating to approximately $134.48 in annual taxes for the average Plano house, valued at $579,554. This increase will remain effective as long as the bonds are outstanding. Meanwhile, elderly and disabled residents of Plano have the option to freeze their taxes, with the City ensuring that residents aged 65 or older or those with disabilities will not be affected by the projected tax rate impact.
Currently, Plano's outstanding general obligation bonds and tax notes amount to $604.73 million. Should all the propositions pass, it would add another $647.9 million in principal, along with roughly $291.5 million in interest payments across two decades.
