Loveland City Council members voted unanimously Tuesday to approve a 30-year, $258 million incentive package for a mixed-use lifestyle center that will be built on both sides of Interstate 25 north of Crossroads Boulevard over the next five years.

Council members said the city needs to act now to bring in the development project before another municipality does. The Brands at The Ranch and Brands West is a $572 million project with 2.3 million square feet of retail, restaurants, entertainment and housing. The city’s incentive package consists entirely of fee waivers and rebates for sales tax for the retailers as they open.