San Marcos City Council approved a Chapter 380 economic incentive agreement with Balcones Real Estate Group on May 21 for the development of a Class A speculative industrial building at 500 Wonder World Drive.

The city's economic development board unanimously recommended the incentive to council on March 20, according to agenda documents.

The specifics

The project, dubbed Project Snapdragon, will be a 98,286-square-foot building with 44 docks, two drive-in doors and 170 parking spaces, according to agenda documents.

Project Snapdragon has a capital investment, or the amount the developer will be paying to construct the building, of $16.45 million. The economic incentive approved by council is a $235,656 tax rebate phased out over three years as tenants occupy the building.

Hays County has the opportunity to collect an estimated $636,000 in tax revenue over the next 10 years, according to agenda documents. San Marcos CISD has the opportunity to collect $537,000 in tax revenue over the next 10 years.

Quote of note

Christian Smith, economic and business development manager, said this project will give San Marcos more opportunity to facilitate job growth by having other companies come in and fill the space.

"We're excited to see it come together," Smith said.

What’s next?

Construction is slated to begin in October, according to agenda documents.