The Georgetown City Council approved a land annexation for future multifamily housing on March 28th. This decision will allow for the development of a multifamily housing complex in the area.
The council voted unanimously to approve the annexation of the land, located south of Wolf Ranch Parkway and west of FM 1460. The proposed development consists of a multifamily housing complex with up to 584 units.
The annexation was approved with a number of conditions, including the creation of a tax increment reinvestment zone (TIRZ). This will allow the city to capture tax revenue generated by the development and reinvest it in the area. The TIRZ will also fund infrastructure improvements and the construction of a new fire station.
The development will also include a number of amenities, including a park, trails, and open space. The developer is also required to provide a minimum of 10% of the units as affordable housing.
The approval of the annexation is an important step in the development of the multifamily housing complex. The developer is now able to move forward with the project, which will bring much needed housing to the area.