The Hutto Economic Development Corp. previously held a public hearing on and approved the agreements.
City documents indicate the second phase of the development, located at the corner of Hwy. 79 and Ed Schmidt Boulevard, will include more than 120,000 square feet of retail, restaurant and entertainment businesses.
No specific businesses have yet been named, but city materials show the development is expected to generate $40 million in taxable revenue and create 200 full- and part-time jobs.
The economic agreement approved Jan. 5 include a $4 million economic development grant over a 10-year period and a $5 million sales tax incentive over a four-year period. Both incentives are contingent on developer NewQuest Properties meeting certain performance obligations.
Phase two of Townwest Commons is also expected to include a 50,000-square-foot entertainment venue, according to city documents. Council also approved a separate $4 million economic development grant and $1.5 million sales tax incentive specifically for the entertainment project.
