Wolf Lakes Village gets final approval from Georgetown City Council

Wolf Lakes Village's design will be based on an Italian-village motif.

Wolf Lakes Village's design will be based on an Italian-village motif.

Major change is on the way at I-35 and Hwy. 29 in Georgetown after City Council approval of development and tax-reimbursement plans for the 164-acre Wolf Lakes Village project.

On Dec. 11, council members approved final votes to rezone the property to a planned-unit development district and establish a new tax increment reinvestment zone, or TIRZ, for the development.

Plans call for Wolf Lakes Village, which will be located at the northwest corner of I-35 and Hwy. 29, to include 2,400 housing units and 5.3 million square feet of development with offices, hotels, retailers and entertainment venues once built out over the course of the next several decades.

Iva Wolf McLachlan and Donald McLachlan of Wolf Lakes LP are the project’s owners and master developers. They anticipate Wolf Lakes Village will become a regional employment center, home to 4,500 workers and containing more than 725,000 square feet of corporate offices.

The European-style concept’s design will be pedestrian-friendly and include an amphitheater, an open-air pavilion, parks, trails and lakes, according to the developers.

Infrastructure reimbursements


Wolf Lakes Village will be the city’s fifth TIRZ to take advantage of tax increment financing, which allows cities to use property tax revenue to reimburse developers for building public infrastructure improvements such as roads, water lines, parks and trails.

The agreement will reimburse the cost of public infrastructure built by the developers using new property tax revenue generated by the expected increase in property value.

Using the property's 2018 taxable value of $4.6 million as a base, Georgetown’s reimbursement will be set at 70 percent of any new valuation with the city’s total reimbursements capped at $100 million over the course of 30 years.

Williamson County also will participate in the TIRZ with reimbursement set at 50 percent of new valuation and a cap of $30 million over the course of 20 years.

Wolf Lakes LP estimates the development’s property value will reach $1.7 billion by 2050.

Reimbursements would not start until at least 150,000 square feet of commercial development in Wolf Lakes Village receives building permits, according to the TIRZ project plan.

Public improvements planned at Wolf Lakes Village that would be eligible for reimbursement include parking structures and roadway enhancements as well as wastewater and utility-related construction.

An interlocal agreement between the city and county for the TIRZ will go to Williamson County Commissioners Court for approval Dec. 18. Georgetown council members approved the agreement Dec. 11.

The property will be built in multiple phases, according to planning documents. The first construction will build multifamily housing and is anticipated to start in 2019. Retail, commercial and office development will follow.


MOST RECENT

Take a look at how coronavirus impacted Williamson County this week. (Chance Flowers/Community Impact Newspaper)
Take a look at how coronavirus impacted Williamson County this week

The county reported 596 total cases on May 29.

The Williamson County small-business grant program has issued more than $18.5 million as of May 29. (Ali Linan/Community Impact)
Williamson County small-business grant program issues more than $18.5 million

The program has aided more than 1,600 local businesses.

Williamson County and Cities Health District reported eight new cases of coronavirus May 29, bringing the county total to 596. (Screenshot courtesy Williamson County)
1 death and 8 new confirmed cases of coronavirus reported May 29 in Williamson County

Williamson County and Cities Health District reported the total number of cases at 596.

(Courtesy Fotolia)
New school schedules and a road opening: Latest news from Central Texas

Read the latest news from Community Impact Newspaper's coverage of the Central Texas area.

Williamson County reports additional coronavirus-related death May 28. (Ali Linan/Community Impact Newspaper)
Williamson County reports additional coronavirus-related death May 28

“Our hearts are with the family who lost their loved one due to this deadly disease," Williamson County Judge Bill Gravell said.

Southwestern University has released a campus plan for the fall 2020 semester. (Ali Linan/Community Impact Newspaper)
Southwestern University releases campus plan for fall 2020 semester

The semester will begin Aug. 24 for in-person classes.

Outdoor venues in all Texas counties will be permitted to operate at up to 25% capacity starting May 31. (Courtesy Adobe Stock)
Spectators to be welcomed back to Texas outdoor sporting events May 31 at 25% of venue capacity

Venue owners must operate under guidelines that facilitate appropriate social distancing.

Georgetown business owners reflect on the impact of coronavirus. (Courtesy Adobe Stock)
Georgetown business owners reflect on the impact of coronavirus

“Being on top of the world and [just] crashing down was just heartbreaking," one business owner said.

Each eligible child will receive $285 in benefits. (Courtesy Adobe Stock)
Some Texas students eligible for one-time federal benefit to aid with food purchases

Texas received approval from the U.S. Department of Agriculture to provide more than $1 billion in pandemic food benefits.

Williamson County judges are continuing to hold court even as the coronavirus pandemic forces the courts to enter digital spaces. (Chance Flowers/Community Impact Newspaper)
Justice continues in Williamson County even as courtrooms go virtual

Williamson County judges are continuing to hold court even as the coronavirus pandemic forces the courts to enter digital spaces.

Williamson County confirmed coronavirus cases have reached 588. (Screenshot courtesy Williamson County)
4 new coronavirus cases confirmed in Williamson County, which has reported more than 9,800 tests

Currently, 15 patients are hospitalized, and seven are in intensive care, per the report.