| | | | | | | | City of Georgetown, Texas
City Council Special Meeting
December 17, 2021 |
| | | | | | | | SUBJECT:
Consideration of an economic development incentive agreement between Georgetown Transportation Enhancement Corporation (GTEC) and JSACQ/Georgetown, LP -- Michaela Dollar, Economic Development Director |
| | | | | | | | ITEM SUMMARY:
Developer Jackson Shaw (JSACQ) seeks to purchase and develop approximately 224 acres of property in Georgetown city limits, located north of the IH35 and HWY195 intersection. The company plans to develop the land into a master-planned multi-use development that would consist of approximately 1.7MM square feet of industrial development, 392,000 square feet of commercial development, and 388 multi-family units once fully built out.
To develop the site, Jackson Shaw must construct a significant amount of public infrastructure improvements, including design and construction public road FM 972. The road, which is classified as a major arterial in the City’s Overall Transportation Plan, will cost approximately $4,550,000.
Staff proposes to reimburse Jackson Shaw up to $4,600,000 for the cost of design and construction of the FM 972 road extension from the Georgetown Transportation Enhancement Corporation (GTEC) Type B Sales Tax Fund. Jackson Shaw must complete construction of the road to City standards as well as 400,000 square feet of speculative industrial development. The developer must also invest a minimum of $24MM in capital expenditures on-site and complete construction by March 1, 2025.
|
| | | | | | | | FINANCIAL IMPACT:
A maximum of $4,600,000 from the Georgetown Transportation Enhancement Corporation (GTEC) Type B Sales Tax Fund. |
| | | | | | | | SUBMITTED BY:
Michaela Dollar, Economic Development Director |
|