Georgetown City Council members gave initial approval to establish an in-city municipal utility district for the Yearwood development at a Sept. 8 meeting.
Located on approximately 728 acres of land north of Sun City, and west of the Ronald Reagan Boulevard and Rattlesnake Road intersection, the site has operated for decades as a stone quarry.
What happened
The Yearwood family, developer Freehold Capital Management and Georgetown officials have been working together since February to reach a development agreement for the site.
If given final approval, Yearwood MUD will be a multiuse development with residential and commercial features, according to city documents.
The development plan allocates the majority of the property for residential use, paired with commercial land planned at the corner of Ronald Reagan Boulevard and Rattlesnake Road.
The housing mix will include:
Because the development is an in-city MUD, the land will be annexed into Georgetown city limits, and future homeowners will pay both Georgetown property taxes and a MUD tax.
The maximum MUD tax rate for Yearwood is $0.65 per $100 of assessed valuation.
Digging deeper
In exchange for granting MUD consent, the city negotiated several public dedications:
140-acre Berry Creek Park
Construction of a public trail alongside Berry Creek
11.4 acres of dedicated community parks and internal neighborhood trails
Two amenity centers
7-acre public safety site
The project requires the developers to construct a 110-foot-wide minor arterial road running through the property to link Reagan Boulevard to future developments to the north.
The history
Following an initial proposal to council members in February, Freehold Capital Management reduced the maximum MUD tax rate from $0.75 per $100 to $0.65 per $100 and withdrew a request to phase in wastewater impact fees at a March 24 meeting.
In response to density concerns, the developers removed the two smallest housing lot options, which reduced the house count to 1,728. Freehold Capital Management also removed a request to increase the number of age-restricted homes.
What's next
Yearwood MUD is slated to receive final approval at the Sept. 22 meeting.
