City of Cedar Park enters Master Development Agreement with RedLeaf
CEDAR PARK, Texas, March 5, 2020 /PRNewswire/ -- Cedar Park City Council voted unanimously at its February 27 meeting to approve a 20-year Master Development Agreement (MDA) with RedLeaf, forming a public-private partnership to transform an area along Bell Boulevard into a vibrant, walkable, mixed-use destination and community gathering place.
Mayor Corbin Van Arsdale said, "The Bell Boulevard Redevelopment Project has been a top priority of our city councils, staff, and boards for five consecutive years, because this is literally the only area of our booming city that's in financial decline. Today, we officially changed that by partnering with RedLeaf—a visionary, high-caliber developer with a proven track record on complex public-private partnerships in our region. No project in our city's history has received this much public input and attention from our councils, boards and staff. The Bell District will reflect our community's shared vision of an attractive destination for generations, and completely reverse the financial trend for that area."
The Bell District includes approximately 50 City-owned acres along Bell Boulevard between Buttercup Creek Boulevard/Brushy Creek Road and Park Street.
Under the terms of the MDA, RedLeaf is directly accountable to the City of Cedar Park. The City and the developer share in the risks and rewards of the project, expected to have a total investment of approximately $350 million in today's dollars at full buildout. The vast majority of the project's investment will come from the private sector.
The City is taking a leadership role and investing in the redevelopment of this core part of Cedar Park because the area has not experienced the same level of vitality as other parts of town. Data shows the area has seen a decline in sales tax revenue and slower property value growth in recent years.
RedLeaf is beginning with detailed design and engineering work to prepare the site for construction and ensure that high-quality design standards of the project are met.
"The Bell District will be uniquely Cedar Park and unlike any place in the city today," said RedLeaf Partner Rob Shands. "Our team is committed to transforming this area into a special place that captures the spirit of the community's vision and becomes the new heart of Cedar Park."
For full press release click here.
SOURCE City of Cedar Park
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