Williamson County commissioners gave their go-ahead Dec. 18 for the county to participate in a tax increment reinvestment zone, or TIRZ, for Wolf Lakes Village, a 164-acre development planned at I-35 and Hwy. 29 in Georgetown.
The agreement will reimburse the cost of public infrastructure built by Wolf Lakes LP, the property’s developer, using new tax revenue generated by increases in property value. Wolf Lakes LP estimates the development’s property value will reach $1.7 billion by 2050.
Georgetown City Council approved its side of the agreement Dec. 11 with the city’s reimbursement set at 70 percent of any new valuation with a cap of $100 million over 30 years.
The county’s end of the deal requires 50 percent reimbursement of new valuation and a cap of $30 million over 20 years. Reimbursement from the county can only be used for road or drainage-related infrastructure, according to the agreement.
Wolf Lakes Village is expected 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 10-20 years, according to developers Iva Wolf McLachlan and Donald McLachlan of Wolf Lakes LP.
The agreement requires that Wolf Lakes Village receive building permits for at least 150,000 square feet of commercial development before reimbursements can begin.