The gist

Hutto City Council will hold a public hearing for 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.

The specifics

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. Council will discuss the matter at a July 20 meeting.

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.

City documents state the purpose of the agreement is to decrease property taxes for Hutto citizens while also incentivizing business growth.

Also of note

In June, Hutto City Council annexed the land where the data center will be located.

Additionally, on July 7 officials approved an agreement to advance a project to construct a major thoroughfare in the Megasite.