Reinvestment Zone Could Spur Development on Southern Edge
The City Council voted last week to move forward in developing a funding mechanism that could spur commercial development along Westinghouse Road. The South Georgetown Tax Increment Reinvestment Zone would fund public infrastructure improvements at the southern edge of Georgetown.
The 603-acre zone along Westinghouse Road is an area with planned commercial, retail, and residential development valued at as much as $700 million by 2020. A residential project is currently under construction on the south side of Westinghouse Road. Several office, retail, residential, and mixed-use projects are in the planning stages along the corridor. (Click on map to see larger version.)
A road connection from Oakmont Drive to Rabbit Hill Road and the addition of wastewater service lines are key elements for commercial development in the area. The Oakmont Drive extension would provide access to areas of planned development north of the Round Rock Premium Outlets. Paired with the extension of N. Mays Street in Round Rock, the extension of Oakmont Drive could ultimately create a north-south connector parallel to Interstate 35 from Gattis School Road in Round Rock to SE Inner Loop in Georgetown.
Other road projects in the zone could include extending Rabbit Hill Road to the north and extending Blue Springs Road to the south.
The tax reinvestment zone would direct the future increased property tax valuation in the 603-acre area to a fund used to build wastewater lines, road extensions, or other public infrastructure.
At their regular meeting last week, the City Council directed City staff to continue developing the plan for the zone. The City and Williamson County recently completed plans for a similar tax reinvestment zone that will fund public improvements for the Summit at Rivery Park hotel and conference center project.
The City is currently conducting a feasibility review for the South Georgetown Tax Increment Reinvestment Zone. A final plan should be presented to the City Council at their regular meetings in April and May.