By a 7-0 vote, the council approved a development agreement with Mark IV Capital, a California-based development firm working on the project. Mark IV also developed Summit I and Summit II in La Frontera in Round Rock.
The District, which was announced in November 2017, is set to be built on roughly 65 acres of land south of SH 45 and north of Greenlawn Boulevard. The development will include Class A office, hospitality, retail, residential and parking space.
According to the agreement, Mark IV would develop at least 1 million square feet over the next 20 years and invest a minimum of $200 million into the project.
In return, the agreement would require the city of Round Rock to invest at maximum of $12.56 million in public infrastructure such as roads and lines for water and wastewater.
The city anticipates a revenue of more than $1.5 million annually once The District is complete, according to a Feb. 12 presentation from Brooks Bennett, assistant city manager for the city.
The agreement outlines a construction timeline for the project requiring at least 120,000 square feet of building space to be complete no later than three years after the agreement is effective. If approved, that would mean The District's first building could be finished by February 2022.
By the 10th anniversary of the agreement, the agreement would require Mark IV to complete at least 250,000 square feet of building space and the entire project must be complete in 20 years, according to the agreement.
"This is a product we do not currently have in Round Rock," Mayor Craig Morgan said. "It's a win-win for all of us."
The next step includes a construction timeline for infrastructure improvements in place by September.
Kirby Killough contributed to this report.