CEDAR PARK, Texas — A new development is coming to Cedar Park.
- Cedar Park to build $1.5 billion development
- Would be home to United States Tennis Association Texas
- Plans for proposed deal to the council for approval in three months
On Thursday, city leaders entered into a memorandum of understanding to construct a $1.5 billion mixed-use project called Indigo Ridge, located at Whitestone Boulevard and Sam Bass Road
“The employment is coming up 183 and Parmer and it is coming up through Cedar Park,” Ben White, the city’s economic development director, said. “We want to be here ready to have those employers locate in Cedar Park.”
At the center of it would be the headquarters for the United States Tennis Association Texas, featuring 40 courts as well as a stadium to hopefully attract professional tennis to the Austin area. The plans on the 155-acre land also call for residential, retail and Class A office space.”
“We have been trying to make Cedar Park the employment hub. this development will create that employment hub,” White said.
Traffic is always a concern, but city leaders believe the location will help many cut down their commute.
“Businesses that are relocating are very sensitive to how long it is going to take their employees to get there. It is harder to pull that off if you are going to the urban core in Austin,” Mayor Corbin Van Arsdale said.
Officials say the proposed tax breaks will not exceed $60 million over a two-decade period and are all performance based.
“The incentives will be be based off of the net new ad valorem taxes and sales tax that will be created in this development," White said.
Those benchmarks are still being worked out. Early estimates of the projected net new revenue that will come the city’s way are just under $140 million over 20 years. City leaders said this will help fund future services and lower property taxes.
The city plans to bring a proposed deal to the council for approval in three months.