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A nearly $47 million economic incentive agreement for an undisclosed development at The Square at Lakeway is up for discussion in Lakeway at the upcoming Jan. 14 Special City Council meeting.
The meeting will be held at Lakeway City Hall at 6:30 p.m.
Diving in deeper
The economic incentive is known as a Chapter 380 agreement, a tool cities can use to incentivize certain developers or tenants to build in a city to support economic growth, per agenda documents.
The developer, unspecified by city documents, is requesting $46.9 million in grants over a period of 35 years. The grants would be provided by rebates from the city to the developer in annual payments from property and sales taxes received from the project, according to city documents.
The developer has proposed the following rebate percentage schedule:
Baked into the proposal are performance standards requiring the developer to meet certain goals. These include:
What else?
Additional public improvements included as part of the proposal include:
At the Jan. 7 Zoning and Planning Commission meeting, commission officials approved a motion 6-1 to increase the amount of retail/commercial space at the development, alongside other updates, such as changing the name from "The Square at Lohmans" to "The Square at Lakeway."
The measure included increasing the amount of retail/commercial space within The Square from 175,000 square feet to 247,000 square feet. Additionally the item decreased the amount of office space from 155,000 square feet to 145,000 square feet and increased the number of residential dwelling units.
A condition of the motion was that the number of parking spaces at the development be increased. The item will still need to go before council for final approval, but was not included on the Jan. 14 agenda as of press time.
