1. The council approves property purchase necessary for RM 620 improvements
The City Council unanimously approved the purchase of property between Deepwood and Lake Creek drives from Round Rock ISD. The land will be used for planned improvements to RM 620 from Deepwood Drive to IH 35. The project will be sent out for bids by the Texas Department of Transportation in April 2019 with an expected construction timeline of 27-30 months.
2. The council approves economic development program for The Ruby Hotel
The council unanimously approved a Chapter 380 Economic Development Program with RRTX Lake Creek Hotel LP for the construction of The Ruby Hotel in downtown Round Rock.
The agreement requires Lake Creek Hotel to invest at least $4.5 million and employee at least 35 full-time employees. In return, the city will abate 25 percent of the hotel's occupancy and city property taxes in its first year, 25 percent of hotel occupancy taxes and 50 percent of property taxes in the second year and 50 percent of both taxes in the third and fourth years. The city also agreed to waive up to $13,000 in development application fees.
Construction on The Ruby Hotel is expected to begin by the end of March and the hotel is on track to open in early 2019.
3. Economic development program approved for the expansion of Rosco Laboratories
The council unanimously approved another Chapter 380 Economic Development Program for the expansion of Rosco Laboratories Inc., which has manufactured lighting and lighting effects for theater, film and TV in Round Rock since 1994.
The agreement calls for Rosco Laboratories to buy their current building, make a $950,000 capital investment and maintain 30 employees in the city. In return, the city will make an economic incentive payment of $75,000 and waive permit fees up to $3,000.
