Cedar Park City Council Approves 117-Acre Mixed-Use Project

CEDAR PARK, TEXAS — The Cedar Park City Council has approved an agreement with CPM Development for a 117-acre mixed-use project that is expected to generate more than $435 million in tax revenue for the northern Austin suburb over the next 25 years. The approval of the development agreement on Dec. 9 marks the first step into making the project, which will be anchored by Nebraska Furniture Mart (NFM), a reality. Preliminary plans include a 250-room hotel with a 30,000-square-foot convention center that would be owned by the city; a 500,000-square-foot NFM store and showroom; a 700,000-square-foot warehouse to support NFM’s retail operations; and 250,000 square feet of additional commercial space. The terms of the agreement also call for CPM Development to invest a minimum of $400 million to build the NFM-anchored development, which then must generate a minimum of $450 million annually in sales. The project also must generate a minimum of 725 jobs within the first year of opening. In return, the city will issue a maximum of approximately $45 million total in performance-based tax rebates to CPM Development. Rebated funds will be used in part to reimburse the developer for costs associated with required on- and offsite public infrastructure projects before the development comes on line.