The gist
Hutto City Council approved an agreement to place a cap on property taxes for a large data center in the city's Megasite, a roughly 1,400-acre tract of land on Hwy. 79 designated for industrial development.
City documents state the purpose of the agreement is to decrease property taxes for Hutto citizens while also incentivizing business growth.
The specifics
Approved July 20, the agreement pertains to a 220-acre parcel of land in far east Hutto that will house a data center from Dallas-based Skybox Datacenters and San Fransisco-based partners Prologis Inc.
Called a Chapter 312 agreement, the tax abatement would last 10 years and cap property valuation at 50% over 10 years, according to city documents.
The abatement agreement provides for $10 billion in assessed value within Hutto, and city documents state the existing property value within Hutto is $4 billion-$5 billion.
