The mixed-used project is Indigo Ridge, located at Whitestone Boulevard and Sam Bass Road. Also known as Indigo Ridge North, the development is planned to include office space, hotel space, residential options, retail, restaurants and entertainment.
During a March 14 meeting Mayor Corbin Van Arsdale called “historic” for Cedar Park City Council, council voted unanimously to enter a memorandum of understanding with the Indigo Ridge Development Project and USTA-Texas.
The document recognizes that Indigo Ridge Development Project is proposing to build a $1.5 billion project over six phases, including more than 2.3 million square feet of commercial, or non-residential, development and more than 2.8 million square feet of residential development, according to Ben White, economic development director for the city of Cedar Park.
The anchor of the mixed-use development, USTA-Texas intends to bring its headquarters and facilities to the Indigo Ridge development, according to a March 14 press release from representatives of the Indigo Ridge Development Project. The tennis campus plans to include about 40 outdoor tennis courts, six to eight indoor tennis courts, a stadium court and other amenities.
The city intends to enter into a 380 agreement with incentives not to exceed $60 million over a 20-year period, White said. White said the development has to build before they receive any money; in other words, the incentive is performance-based.
White said the project is estimated to bring $138.82 million of net new revenue to the city over a 20-year period.
"Those numbers... that allows us to take a lot of pressure off of property taxes for our residents when you deliver projects like that," Van Arsdale said. "It’s a big deal to have that kind of deal."
The memorandum of understanding is a preliminary document and an economic development agreement laying out the details of the agreement should be complete within 90 days, White said.
Editor's note: This story was updated March 15 at 9:21 p.m. to add "Texas" at the end of the headline.