Editors note: This story was updated to include renderings of the development and a quote from Michaela Dollar.

Georgetown City Council approved Dec. 17 the development of a 224-acre plot of land to become a tax increment reinvestment zone, or TIRZ, and two economic agreements to fund public improvement projects.

The North Georgetown TIRZ was approved on first reading during a regular City Council meeting Dec. 14 and again during a special meeting Dec. 17, according to a spokesperson. The development, located west of I-35 and north of the Hwy. 195 intersection, will be developed by Dallas-based developer Jackson Shaw. It will feature 388 units of multifamily housing, 1.7 million square feet of industrial development and 392,000 square feet of commercial space, Economic Development Director Michaela Dollar said during a presentation during the special meeting. Construction of the project will start with the development of 400,000 square feet of industrial land sometime in 2022, Dollar said.

The purpose of the TIRZ is to fund public infrastructure improvements that are needed to develop the site, according to city documents. Jackson Shaw will develop over 12,000 feet of 36 inch sanitary sewer trunk line to serve the development.

"The 36-inch wastewater line also will allow for other development in the area, which means that this TIRZ-funded investment provides an economic development benefit to the larger triangle area between I-35 and Hwy. 195," Dollar said.

The TIRZ will reimburse Jackson Shaw up to $8.5 million through tax revenue from the North Georgetown TIRZ in accordance with an economic agreement, according to city documents. Additionally, the developer must also invest $24 million in capital expenditures and complete construction by June 30, 2025.

In accordance with another economic agreement with Georgetown Transportation Enhancement Corp., Jackson Shaw will design and construct an extension of FM 972. The road is classified as a major arterial road in the city’s overall transportation plan and will pass through a corner of the TIRZ and meet I-35. The expansion will cost $4.6 million to construct, which GTEC will fund, according to city documents.