JOHNSTOWN — The Johnstown Town Council Monday night approved a 2% sales tax credit for the Ledge Rock Center, a proposed 237-acre master-planned community at the southeast corner of Interstate 25 and Colorado Highway 60.

The credit will be used to repay bonds issued by the Ledge Rock Center to finance public improvements. 

The council also approved the transfer of $5.88 million in refinanced bonds from the Johnstown Plaza project fund to the Ledge Rock Center. The money will be used to pay for water and sewer pipelines for the project.

At full buildout, the project is slated to have 750,000 square feet of commercial space and 1,200 residential units. It will also feature two hotels totaling 220 rooms and 35,000 square feet. The development has one confirmed tenant thus far: Murdoch’s Ranch and Home Supply, which will occupy a 50,000-square-foot space.

The project is being developed by Kansas City company Carson Development Inc., which also developed the 100-acre Johnstown Plaza at the interchange of I-25 and U.S. Highway 34.