GEORGETOWN, Texas — On Tuesday, the Georgetown City Council approved the construction of a 164- acre development that will feature offices, hotels, stores, entertainment areas and 2,400 housing units.
According to officials, the development center will be located at the Northwest corner of I-35 and University Avenue in Georgetown. It is projected to begin its construction in 2019.
Wolf Lake Village is designed to have a regional employment center with 725,000 square feet for corporate office space that can hold up to 4,500 employees, officials said.
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The completion of the project is estimated to be done in 2050 and it is valued at $1.7 billion.
Since the project is very dense, the city of Georgetown explains that a tax increment reinvestment zone for the Wolf Lakes development area will be used to help fund this public infrastructure. The reinvestment zone sets a base year after which new property tax generated by increased values in the Wolf Lakes development will help to reimburse public infrastructure constructed by the developer.
According to the city of Georgetown this one will participate with a cap of $100 million in reimbursement over 30 years and Williamson County will participate with a cap of $30 million over 20 years.
The reimbursements will begin after 150,000 square feet of commercial development has been permitted.