The project will also include 30 acres of commercial development along Ronald Reagan Boulevard. This will include "restaurants, retail locations and hotels to support and serve local residents as well as the many families traveling from across the country," according to a city release.
Cedar Park City Council unanimously approved three agreements for the project Sept. 23 with PG Cedar Park Group LLC, a partnership between Perfect Game and Austin-based developer Austin Capital Partners. The agreements include:
- an economic development performance agreement between the Community Development (Type B) Sales Tax Corp. and PG Cedar Park Group LLC
- a partial assignment and declaration of restrictions of the purchase and sale agreement for a land acquisition by the Community Development (Type B) Sales Tax Corp. to PG Cedar Park Group LLC
- an economic development performance agreement between the Economic Development Sales Tax (Type A) Corp. and PG Cedar Park Group
The city and the community development (Type B) board
purchased about 112 acres of land owned by the Krienke family for the project in June, but the purpose of the purchase was not shared at the time.
The Type B agreement assigns about 30 acres of land to PG Cedar Park for commercial development. The city and the company will have a lease-to-own agreement for about 80 acres. The Type A agreement will include a $200,000 economic development grant for the creation of 40 jobs with an average salary of $65,000.
"I think we hit it out of the park," Council Member Mel Kirkland said. "I'm really looking forward to this."