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Board approves third amendment to Balcones Real Estate agreement, adds Lot 2B and milestone dates
Summary
The board approved a third amendment to the Balcones Real Estate Group agreement to include Lot 2B (approximately 0.135 acres) and set milestone dates for leases, certificates of completion, and ground-breaking through 2032.
The board considered and approved a third amendment to the economic development performance agreement with Balcones Real Estate Group related to the Cedar Park Town Center professional development site.
Staff said the amendment updates the project schedule and corrects the property description to include a triangular tract known as Lot 2B (approximately 0.135 acres). Key dates in the amendment include a requirement that Balcones enter into a valid lease with CRH Americas (or an affiliate) for Building 1 by July 31, 2026; receive a certificate of completion for Building 1 by May 31, 2028; break ground on Building 2 and receive completion for Building 2 by December 31, 2028; and break ground on the remaining commercial development (approximately 300,000 square feet) by December 31, 2032. The amendment also requires construction of a pedestrian trail connection to the city’s hike-and-bike trail by May 31, 2028.
A motion to approve the amendment was made and seconded and the board recorded aye votes on the motion; the amendment passed.
