Photo by Stephen BurnettHicks Cedar Park LLC, Cedar Park Center arena manager and Texas Stars hockey team owner, will sell the management and team ownership to Northland Properties Corp. effective Dec. 15.
The Cedar Park Center will be under new management and the Texas Stars hockey team will be under new ownership after Cedar Park City Council on Dec. 11 approved the sale to Northland Properties Corp.
Assistant City Manager Josh Selleck said city staffers have worked since July on the deal. The sale will transfer arena management, neighboring land and the Texas Stars hockey team to the Canada-based firm effective Dec. 15. The city of Cedar Park will still own the entertainment center that the city opened in September 2009.
Selleck said the agreement also outlines a 50/50 cost share between the city and Northland to construct a marquee between the Cedar Park Center and Toll 183A just east of the center.
The city and Northland may also add LED ribbon boards inside the building, Selleck said.
The agreement adds 10 years to the Texas Stars' lease of the Cedar Park Center. The city's current agreement has five years left, so the extension guarantees the Stars stay in Cedar Park for another 15 years. Northland President Tom Gaglardi also owns the National Hockey League's Dallas Stars, for which the American Hockey League–affiliated Texas Stars is a development team.
Cedar Park Mayor Matt Powell said the deal is an improvement of the city's existing arrangement with Hicks Cedar Park LLC, former arena manager and Texas Stars owner.
"We've had a good deal in place. One that anticipated a future sale perhaps taking place," he said. "We're basically doubling the guarantee of an American Hockey League team in there. It's a sign of the good partnership we've had, and it's a great start to our new partnership."
