Round Rock City Council unanimously voted Thursday evening to approve a memorandum of understanding between the city and Mark IV Capital, the real estate firm behind The District.
The $200 million master-planned residential and commercial development will be built on 65-acres of property at SH 45 and North Greenlawn Boulevard, east of the Round Rock Crossing shopping center.
Mark IV and the Round Rock Chamber of Commerce announced the project Wednesday and said they hope to bring local retailers, residential units and hotels to the development.
The MOU states that Mark IV, the company also behind the Summit at La Frontera and the Summit II at La Frontera, will invest $200 million into the development and begin construction within 12 months.
“This is going to be a home run for this community,” said Ben White, Vice President of Economic Development for the Round Rock Chamber of Commerce.
The city intends to create a Public Improvement District, or PID, and provide $10,800,000 to fund public infrastructure within the development, such as streets and utility lines, to be repaid by taxes generated by the development. The MOU also states that up to $4 million could be forgiven if certain requirements are met.
The city said the final agreement is expected to be presented early next year.