Holt Texas, Ltd. is planning to open a 60,000 sq. ft. retail center in Georgetown by 2018.[/caption]

The unanimous approval of an economic agreement with Holt Texas, Ltd. highlighted Tuesday night's Georgetown City Council meeting.

The private, family-owned company is planning to construct a 60,000-square-foot retail center at 2101 Airport Road, near the intersection of Lakeway Drive and I-35. It should be built by the end of 2018.

Holt Caterpillar expects to create 129 jobs over the next 10 years as well as a net benefit to the city of more than $13 million.

The economic agreement also states if Holt Cat meets its expectations, the city will rebate up to $1.5 million in sales taxes generated by the company over five years.

The council is moving forward with infrastructure improvement including expanding Airport Road and extending a wastewater line along I-35 that will allow for future commercial development.

Council also approved a grant in the amount of $185,000 from the Georgetown Economic Development Corporation to connect to the wastewater line extension.

"This facility will bring investment and jobs to a previously undeveloped area and initiate additional growth around it,” Mayor Dale Ross said. “This economic development agreement is another excellent example of what can get done when city departments work together."

Holt Cat said it expects to hire specialized heavy-equipment mechanics as well as administrative, sales and marketing positions with an average salary of $48,500.

The San Antonio-based company sells, rents and services Caterpillar machines, engines, generator sets and trucks throughout a 118-county region in Texas.