Council hears large Heirloom development proposal: 620‑acre PUD, PID request, multimodal trails and water/wastewater constraints

Developers and city staff presented a high‑level plan for “Heirloom,” a proposed 620‑acre mixed‑use project at the northwest edge of Georgetown’s extraterritorial jurisdiction that would be annexed into the city if the council approves the PUD zoning and a public improvement district (PID) development agreement.

Project overview: Developer representatives described a master plan that includes about 48 acres of parkland, a planned loop trail of about four miles, a mix of housing types (including estate lots, single‑family front‑ and rear‑loaded lots, townhomes, courtyard product and multifamily), roughly 87 acres of commercial/C‑3 land, and an optioned maximum of approximately 1,350 multifamily units. The development team said infrastructure costs could be on the order of about $100 million and that annexation, zoning and the PID would be synchronized at a single council meeting if the council supports the concept.

PID and bond timing: Under the city’s PID policy, the maximum permitted assessment rate the developers requested would conform to the city’s 55¢ per $100 assessed‑value cap but they asked for two specific policy variances: a 15‑year maximum bond issuance period (staff policy is 10…