Georgetown: 222-Acre TIRZ Created for Mixed Use Development
Feature Photo: Artist rendering for the industrial complex portion of the TIRZ by the City of Georgetown.
by Art Benavidez
Georgetown (Williamson County) — A Dallas-based developer may proceed with negotiations for an economic development agreement now that the City Council has established a new 222-acre tax increment reinvestment zone (TIRZ 6).
The purpose of the TIRZ is to finance public infrastructure needed to develop the site for industrial and commercial use in partnership with Jackson Shaw, the developer. The land within the new TIRZ has been entitled for these uses as well as a portion for multi-family.
The undeveloped land is located west of Interstate 35 and north of Highway 195 in the northeast portion of the city. TIRZ 6 is also being referred to as the North Georgetown TIRZ. City Council enacted the TIRZ 6 on first and second readings in December.
Jackson Shaw will be looking to begin Phase I of the North Georgetown TIRZ in 2022 with 400,000 square feet of industrial space within three buildings, according to a proposed concept map.
Phase II and III will include 1.7 million square feet of further industrial development. After Phase II, the project will also include 388 multifamily units and 392,000 square feet of commercial space in unspecified phases.
The TIRZ will also finance one off-site public infrastructure improvement project, the Dry Berry Creek Interceptor, to bring over 12,000 linear feet of 36-inch sanitary sewer trunk line to the site. The line will run along the Dry Berry Creek bed to connect with the Berry Creek Interceptor at an estimated cost to the project of $10 million.
An economic agreement will give Jackson Shaw up to $8.5 million through a 15-year tax abatement schedule that begins in 2024. Jackson Shaw’s obligations include a $24 million investment in capital expenditures.
Additionally, Jackson Shaw has an economic agreement with Georgetown Transportation Enhancement Corp. to design and construct an extension of FM 972 at a cost $4.6 million.
Art Benavidez (Construction News Reporter, Central Texas) is a seasoned journalist with over 15-years of experience in writing breaking news and in-depth features at the local level. He honed his research and reporting skills in newspapers and magazines throughout South and West Texas along with expertise in crafting digital content as Managing Editor of New Image Marketing Research Corporation. Benevidez is a Texas native and graduate of UT-RGV.