City Council gave final approval to the creation of a tax increment financing district in the westside.
The creation of TIRZ 5 was a crucial first step for the proposed Bohemian Colony Project during its meeting on Thursday.
A plat of just more than 280 acres of land in the area of Greenwood and Holly will make up TIRZ 5.
The project calls for nearly 800 townhomes, a 10-acre, $3 million community park and a 40-acre commercial space.
Under the agreement, the developer will invest $230 million in the project including infrastructure.
The agreement also includes construction milestones that the developer must meet.