CEDAR PARK - The city has approved a $3.5 million incentive agreement for an upscale shopping center that is expected to bring 750 jobs to town.
Construction will start in January on 'The Parke' at the southwest corner of New Hope Dr. and TX-183A.
The 400,000-sf center will be on a 42.8 acre site.
The Parke is estimated to provide taxable sales/purchases of $1.14 billion over a ten-year period plus 110 spin-off jobs, officials said.
The city's incentive agreement with the developer, Endeavor Real Estate, is split into two parts.
The developers will receive half a cent of the sales tax from sales at the new shopping center plus refunds of 50 percent of the city property taxes on the center if they meet certain conditions.
They have to have a minimum of 175,000 sf leased and open for business by February 2018.
They must also complete construction on a total of 300,000 sf with a capital investment of $50 million no later than August 2018.
"The agreement is capped at $2 million or five years; whichever comes first," according to Phil Brewer, Cedar Park's director of economic development.
The second part of the incentive agreement reimburses the developer for $1.5 million of the $2.4 million that developers are required to pay for water lines, drainage improvement and road improvements in the shopping center area.
To receive the reimbursement the developers must build at least 175,000 sf and invest $25 million in the project.