Cedar Park officials say though negotiations are ongoing, the park will certainly miss the summer 2012 opening deadline laid out in an economic development agreement between the city and a proposed Schlitterbahn water park's partners.

In December 2010, Rick Redmond, a partner in the development, said bank loan regulations had made securing a loan for the project more difficult than anticipated and made the project more risky for the developers. He also said the first phase—the phase that includes the water park that was originally projected to open in May 2012—could be closer to $45 million than the $75 million developers presented to the city.

Cedar Park Economic Development Director Phil Brewer said there are still active discussions going on between the city and the partners in the water park development.

"All I can say now is it's a work in progress," Brewer said. "I continue to speak regularly with our partners, and I think the majority of us are ready to move on this project as well as Schlitterbahn, and it continues to be the financing piece that is a struggle to put in place."

The original economic development agreement between the partners in the water park and the city is worth $6 million in incentives to improve city infrastructure near the planned site at Parmer Lane and RM 1431. The agreement required the first phase of the project be completed by May 2012, phases 2 and 3 were to be started in May 2012 and the final phase was to be under way no more than 48 months after the completion of phases 2 and 3.

Brewer said there is a new goal of May 2013 for phase 1, but as time passes without a new agreement, the window gets smaller and smaller.

"We're going to end up amending or renegotiating that agreement whether it expires or not. If we've got movement in January, we could be renegotiating that agreement before it expires," he said.

Additional reporting by Victor O'Brien