Cedar Park City Council unanimously authorized a memorandum of understanding Aug. 27 with Rose City Partners for development on the 13.41-acre tract next to Cedar Park Town Center.
Ben White, the city's economic development director, said the developers will prioritize meeting with the Cedar Park Town Center community to discuss the project. The project will focus on quality rather than getting buildings up, he said.
City Council and the Type A board will next approve a development agreement with more details of the development.
White said if the developer does not meet city requirements, then the land ownership will default to the city's Type A board.
Original post: Aug. 26
Cedar Park City Council will consider a memorandum of understanding, or MOU, for the construction of four office buildings and a parking garage on the 13.41-acre tract previously part of the Cedar Park Town Center. Council will consider the memorandum at its Aug. 27 meeting.
The MOU includes terms and conditions of the land sale and development, according to city documents. The proposed terms include the construction of four 75,000-100,000-square-foot four-story office buildings and a parking garage in the former parkland. The MOU is between the Cedar Park Economic Development Corp. (Type A) and Rose City Partners for the purchase and development of the land.
The Cedar Park Economic Development Corp. (Type A) approved the memorandum Aug. 17. If City Council approves the MOU, city staff will be directed to create an agreement to be sent back to the EDC and City Council for approval.
City Council approved an ordinance that authorizes the conveyance of 13.41 acres in Cedar Park Town Center on June 25. The city-owned land was sold for $3.5 million to the city’s Economic Development Sales Tax Corp. Type A Board for future development.
The land sale was approved by Cedar Park voters in May 2016 under a proposition to authorize the sale of the city parkland.
City Council will meet remotely at 7 p.m. for its regular meeting. The meeting can be watched online.