The Pflugerville Community Development Corp. closed on a $23.5 million loan Feb. 21 that will allow for construction of a Hawaiian Falls Water and Adventure Park and give the corp. the money it needs to repay a $7 million kick start loan from the city.

Due to delays in securing the Hawaiian Falls loan, the city gave PCDC $7 million to start construction so the park could open by Memorial Day. An agreement for the loan included a guarantee that the PCDC would pay back the money by June.

"Our partnership with the City of Pflugerville is very collaborative, as indicated in this deal," PCDC Executive Director Floyd Akers said in a news release. "We are a team that works together for the greater good of Pflugerville, area citizens and local businesses."

Capital One Bank is providing the full PCDC loan, which will be paid back by Hawaiian Falls in rent payments. Revenue from the park is also predicted to stabilize Pflugerville's credit rating, which Moody's downgraded two points after the city guaranteed the PCDC loan. The credit rating shift caused the Pflugerville city council to delay a bond election originally slated for May.

"We feel the issue with our credit rating will be alleviated quickly with the PCDC paying us back in full sooner than planned," Pflugerville City Manager Brandon Wade said. "The city has a long history of working well with the community development corporation, and this situation is a perfect example of how we partner to ensure the best quality of life in Pflugerville."