City of Georgetown, Texas: Comprehensive Market Research Report

Background

Overview

The City of Georgetown, established in 1848 and incorporated in 1866, serves as the county seat of Williamson County, Texas. Located approximately 30 miles north of Austin, Georgetown has experienced significant growth, with the 2020 census recording a population of 67,176, and estimates suggesting a population of 101,344 by 2024.

Mission and Vision

Georgetown's mission is to provide high-quality services that enhance the quality of life for its residents and visitors. The city's vision focuses on fostering a vibrant, sustainable community that honors its rich history while embracing future growth and innovation.

Primary Area of Focus

The city's primary focus includes economic development, infrastructure improvement, public safety, and community engagement. Georgetown emphasizes preserving its historic charm while accommodating modern amenities and services.

Industry Significance

Georgetown is recognized for its well-preserved Victorian architecture and historic downtown area, attracting tourists and contributing to the local economy. The city's strategic location along Interstate 35 enhances its appeal for businesses and residents alike.

Key Strategic Focus

Core Objectives

Economic Development: Attracting and retaining businesses to diversify the local economy.

Infrastructure Enhancement: Upgrading transportation, utilities, and public facilities to support growth.

Public Safety: Ensuring the safety and well-being of residents through effective law enforcement and emergency services.

Community Engagement: Fostering a sense of community through events, cultural programs, and public services.

Specific Areas of Specialization

Historic Preservation: Maintaining and promoting the city's historic sites and architecture.

Parks and Recreation: Developing and maintaining parks, trails, and recreational facilities.

Water Resource Management: Ensuring sustainable water supply and quality for residents.

Key Technologies Utilized

Geographic Information Systems (GIS): For urban planning and infrastructure management.

Smart City Technologies: Implementing IoT solutions for traffic management and public safety.

Digital Platforms: Utilizing online portals for resident engagement and service requests.

Primary Markets or Conditions Targeted

Residential Development: Catering to a growing population seeking suburban living near Austin.

Tourism: Promoting historic sites and cultural events to attract visitors.

Business Expansion: Encouraging commercial growth through incentives and infrastructure support.

Financials and Funding

Funding History

As a municipal entity, Georgetown's funding primarily comes from property taxes, sales taxes, utility revenues, and state and federal grants.

Total Funds Raised

In fiscal year 2022, the city reported total revenues of approximately $47.2 million in sales taxes, marking an 18% increase from the previous year.

Recent Funding Rounds

Georgetown does not engage in traditional funding rounds as a private company. Instead, it secures funding through municipal bonds, grants, and revenue from city services.

Notable Investors

Investments in Georgetown's development come from various sources, including private businesses, state and federal programs, and municipal bonds.

Intended Utilization of Capital

Infrastructure Projects: Upgrading roads, utilities, and public facilities.

Public Safety Enhancements: Expanding police and fire services to meet growing demands.

Economic Development Initiatives: Providing incentives for business attraction and retention.

Pipeline Development

Key Pipeline Candidates

Georgetown's development pipeline includes several significant projects:

Costco Wholesale: A 158,000-square-foot warehouse at the northwest corner of I-35 and Lakeway Drive, expected to create 235 new jobs and generate a net benefit of over $11 million to the city over 10 years.

Holt Caterpillar: An 85,000-square-foot sales, rental, parts, and service dealer facility, projected to create 130 new jobs and a net benefit of $16 million over the next 10 years.

Riverplace Development: A mixed-use development on Austin Avenue, contributing to the city's growth and urban renewal efforts.

Stages of Development

These projects are in various stages, from planning and construction to operational phases, contributing to Georgetown's economic expansion.

Target Conditions

The developments aim to enhance retail options, create employment opportunities, and revitalize key areas within the city.

Relevant Timelines

Costco Wholesale: Expected to be operational within five years from the announcement in December 2019.

Holt Caterpillar: Opened in December 2019.

Riverplace Development: Ongoing construction with phased openings.

Technological Platform and Innovation

Proprietary Technologies

Georgetown employs various technologies to enhance city services, including GIS for urban planning and smart city technologies for traffic management.

Significant Scientific Methods

Data Analytics: Utilized for decision-making in resource allocation and service improvements.

Community Surveys: Conducted to gather resident feedback and inform policy decisions.

AI-Driven Capabilities

The city is exploring AI applications in traffic management and public safety to improve efficiency and responsiveness.

Leadership Team

Executive Profiles

Mayor Josh Schroeder: Elected at-large, leading the city council in setting policies and goals.

City Manager David Morgan: Appointed by the city council, responsible for implementing policies and overseeing daily operations.

Assistant City Manager Laurie M. Brewer, CGFO: Oversees financial operations and strategic planning.

Key Contributions

Mayor Schroeder: Focuses on economic development and community engagement.

City Manager Morgan: Leads operational improvements and infrastructure projects.

Assistant City Manager Brewer: Manages financial planning and resource allocation.

Competitor Profile

Market Insights and Dynamics

Georgetown competes with neighboring cities for business development, tourism, and residents. Its historic charm, quality of life, and proximity to Austin make it an attractive destination.

Competitor Analysis

Round Rock: Offers a similar suburban lifestyle with a focus on retail and sports tourism.

Cedar Park: Known for its family-friendly environment and growing tech industry presence.

Strategic Collaborations and Partnerships

Georgetown collaborates with regional economic development organizations, state agencies, and private sector partners to enhance its competitive position.

Operational Insights

Strategic Considerations

Georgetown's strategic initiatives focus on balancing growth with quality of life, preserving historic areas, and investing in infrastructure to support expansion.

Competitive Advantages

Historic Preservation: Unique Victorian architecture attracts tourists and residents.

Proximity to Austin: Access to a major metropolitan area while maintaining a small-town feel.

Strategic Opportunities and Future Directions

Strategic Roadmap

Infrastructure Investment: Continued focus on transportation and utility upgrades.

Economic Diversification: Attracting a broader range of industries to reduce economic dependence on a few sectors.

Community Engagement: Enhancing resident participation in city planning and decision-making.

Future Business Directions

Georgetown aims to position itself as a vibrant, sustainable community that honors its heritage while embracing future growth and innovation.