The South Georgetown Tax Increment Reinvestment Zone (TIRZ) was created by Ordinance #2014-31. and the duration is through December 31, 2044.
The Zone is being created to fund public infrastructure necessary to encourage high quality commercial/retail development at the intersection of IH35 and Westinghouse Road which is seen as the next major node as growth continues to move north from Round Rock. The proposed TIRZ is approximately 595 undeveloped acres along Westinghouse Road, between IH35 and FM1460 and includes not only the commercial areas directly behind the future Bass Pro Shop, but also proposed residential development adjacent to Terra Vista.
The intersection at Westinghouse and IH35 is proposed to be major City job center, with not only offices, but also mixed use retail and other related services (including residential) in a campus style development. But, the barrier to traditional develop in this area has always been the cost of infrastructure, including sewer and road improvements.
In order to accelerate the development of this area and ensure the quality and type of development the City desires, the City plans to move forward with proactively building the necessary infrastructure improvements, thus encouraging capital investment and the creation of new jobs. The revenues generated within this TIRZ will then reimburse the City’s utility and possibly GTEC for cost of those upfront improvements.
The TIRZ is expected to be in place until December 31, 2044, or when all project costs (not to exceed $50M) has been reimbursed (including any bonds issued to fund these projects). There are currently 37 different parcels with an assessed value (per 2014) of approximately $18.5M which will become the “floor” value for the TIRZ. At full build out, the assessed valuation is estimated in excess of $573M. Estimated project costs are $48.7M and include sewer, water, electric and road improvements. A feasibility analysis is included with the ordinance. City staff will be working with developers and other entities to further leverage the TIRZ revenues in order to ensure and expedite construction of the improvements.
- Glenn Dishong: City Utility Director
- David Morgan: City Manager
- Sofia Nelson: City Planning Director
- Ed Pastor: Georgetown Utility Sysytems Advisory Board Chair
- Dale Ross (Chair): Mayor
- Vacant: Councilmember
- Jay Warren: Georgetown Transportation Enhancement Corporation President
TIRZ Originating Ordinance:
- Agendas: South Georgetown TIRZ Agendas