The Hutto Economic Development Corporation (HEDC) and Titan Development have fully executed a new agreement for the development of land within the Hutto Megasite. The new document, Letter of Agreement and Notice to Proceed, moves the HEDC out of default on the property and paves the way for development to progress.
“We are very happy to have this new agreement in place, allowing us to focus on the future prosperity of the development and continued collaboration with Titan to bring it to fruition,” HEDC Board Chairman Don Carlson said.
Titan had served the HEDC with a notice of default on their previous agreement in April after certain parameters surrounding the construction of the Megasite “spine road” weren’t met. Over the last several weeks, the HEDC, Titan, and City of Hutto leadership have been working together to draft a new mutually agreed upon agreement.
“I am pleased with the positive outcome of the recent resolution with the Hutto EDC and eagerly anticipate the continued successful partnership in future developments,” Texas-based Partner at Titan Development Joe Iannacone said.
With both sides having fully executed the agreement, spine road construction can move forward, as the City and HEDC work to incorporate the design changes as specified in the new agreement. These changes are not expected to impact the construction timeline for the road, which is on track to be completed by fall 2024.
Also included in the new agreement are provisions for an additional connection to FM 3349 as required by fire code, as well as future phasing of additional lanes for the spine road and an access point to CR 132, should they become necessary in the future.
For more information about the HEDC and to stay up to date on all the latest news, visit HuttoTXEDC.gov.