November 29, 2018
The Georgetown (TX) City Council voted to give initial approval for a tax increment reinvestment zone to developers of the mixed-use Wolf Lakes Village. The council also approved an initial vote to turn the 164-acre project at Interstate 35 and State Highway 29 into a planned unit development. Both matters will require second council votes before they are official.
Developer Wolf Lakes LP is planning a mix of commercial and residential projects, and hoped to obtain a tax-funding arrangement with the city of Georgetown and Williamson County that pay for up to $130 million in infrastructure additions as the property is built out over several decades.
According to the TIRZ agreement, Georgetown would cover an estimated $110 million in property tax reimbursement for infrastructure additions over the course of 30 years. Williamson County would add $19 million in reimbursement over 20 years. An initial phase of the project is scheduled to start in 2019.
For comments, questions or concerns, please contact Amy Sorter