via Johnson Development

The George Foundation, a charity that supports nonprofits in Fort Bend County, sold 1,500 acres of land in west Fort Bend to Johnson Development for a new-home community.

As part of The George Foundation’s status as a private foundation, the IRS requires that it distributes 5% of its total assets each year. The sale of land from The George Ranch to Johnson Development fulfills the organization’s annual charitable distribution responsibility.

“This transaction underscores our long-term commitment to supporting the citizens of Fort Bend County by ensuring we have the liquid assets we need to fulfill our charitable mission,” Ruthanne Mefford, chair of the foundation’s Board of Trustees, said in a press release. “In fact, The George Foundation is intent on awarding hundreds of millions of dollars to local scholarship recipients and nonprofit partners serving our community over the next century, and this transaction will help us realize this dream.”

The foundation owns roughly 21,000 acres in Fort Bend County, a majority of which are usually leased to farmers and ranchers to fulfill charitable distribution requirements. The sale to Johnson Development marks the foundation’s first major land sale in its 80-year history.

“This is a historic moment in land development in Fort Bend County and the Houston region,” said Johnson Development CEO Michael Smith. “The George Foundation and The George Ranch are the essence of Fort Bend County, and to be selected to develop part of this property into a master-planned community is a huge honor.”

The George Foundation community will be Johnson Development’s ninth community in Fort Bend County, with nearly 24,000 acres currently under development in the area.