City Council also approved rezoning the property to 231.6 acres of light industrial zoning and 8.4 acres of general retail, and implementing a tax increment reinvestment zone over the development, which is expected to create about 1,300 jobs.
Tomball City Council approved a development agreement with Lovett Industrial Nov. 29, which limits the land uses of the property, according to previous Community Impact Newspaper reporting.
"This is a big step for Tomball," Council Member Lori Klein Quinn said at the Nov. 29 meeting. "It changes a lot going forward."
The city first began negotiations with Lovett Industrial Sept. 7.