Cedar Park City Council voted unanimously June 27 to approve an economic development agreement with the Texas-based company with incentives totaling $507,500.
“This is a tremendous win for us,” city Economic Development Director Ben White said. “It’s a great honor to bring this project forward. It’s not every day you get to help a well-known … Texas company grow.”
In order to receive the incentives, James Avery must build its 35,000-square-foot headquarters with a capital investment of at least $13 million by July 31, 2021, according to city documents. Incentive payments will be rolled out between 2021-25.
City Council also approved a 380 economic development agreement with James Avery, in which the city is agreeing to pay the company the rollback tax revenue it receives from the project if they meet the aforementioned requirements. Rollback tax revenue from the project is estimated to be $18,000, according to city documents.
The Cedar Park headquarters will be James Avery’s second headquarters. Its other headquarters is located in Kerrville. James Avery support services such as information technology, retail operations, human resources and customer service will operate out of the Cedar Park office. The company expects to hire 102 full-time employees with average wages of $75,000, according to city documents.
The headquarters will be located at the northeast corner of the 183A Frontage Road and Scottsdale Drive.
Funding for the incentives come from the Cedar Park Economic Development Type A Corp., which works to attract new businesses to the city through economic development agreements and is funded by $0.00375 from local sales tax.