Cedar Park approves $116,939 incentive for business park

Feb 17, 2014
Austin American Statesman

A 15-acre business park will get up to $116,939 from Cedar Park to pay for construction costs under an agreement the City Council approved Thursday


La Jaita Business Park, which will be owned and operated by MTI Properties, will include six buildings with 167,667 square feet


After finishing a sewer line about 925 feet long and extending Arrow Point Drive 300 feet — work that should be completed within the next two years — MTI Properties will be eligible for reimbursement from the city, under the economic development agreement


The sewer line and street will also serve an undeveloped area north of La Jaita Business Park that’s slated for commercial use, said Larry Holt, economic development specialist at Cedar Park


About half of the companies that eventually move to La Jaita Business Park will migrate from the two other MTI Properties business parks in Cedar Park, member manager Carmine Marinari said. Those businesses would change locations because they are expanding, Marinari said


So far, MTI Properties has pre-leased 40 percent of the space in the two buildings that will be built by this summer, Marinari said. Three of the tenants are Key Ovation, Endeavor for Wellness and Power Sports Superstore, Marinari said


MTI Properties opened two other business parks in Cedar Park in 2004 and 2008, which Holt said represent about half of the city’s office space. The city didn’t provide incentives to either of those projects, but did grant incentives to some companies that ended up in the parks, such as EEStor, Integrated Bank Technology and Corvalent, Marinari said


Print Article opens in new window