The College Station City Council Thursday night voted 6-to-nothing to create Brazos County Municipal Utility District No. 1 for about 553 acres located at Highway 6 South, which includes the Texas World Speedway.
A proposed residential development at that location would include 1,380 single-family lots along with commercial space and parks.
Conditions include getting the city's approval before issuing bonds, a development agreement, a strategic partnership agreement, and open meetings and financial transparency requirements.
The area is outside the city limits but within its extraterritorial jurisdiction.
The development is projected to cost more than half a billion dollars.