Lovett Industrial is a Houston-based real estate development and investment company with properties in the Houston- and Dallas-areas, as well as Arizona and New Jersey, according to the company website.
The development would include 3.3 million square feet of distribution and light industrial buildings and 3,000 square feet of retail space, City Manager David Esquivel said at the meeting. The development would also provide an estimated 1,300 jobs, Esquivel said.
The land is currently owned by Exxon Mobil Corporation, according to Harris County tax records.
The resolution allows the city to begin negotiations with the Lovett Industrial to create a development agreement. The provisions included in the resolution are not binding, but rather starting points for the agreement, Esquivel said during the meeting.
Some of the provisions include annexing the land into the city limits, limiting the use of the property to retail, industrial and distribution purposes, and establishing a tax increment investment zone and business improvement district, according to the resolution.
Under the current provisions, the city would also provide water and wastewater services to the land, with the developer being responsible for extending the necessary infrastructure at its own expense. However, the developer would be subject to reimbursement, the resolution said.