BUSINESS NEWS

Software company leaving Austin for Cedar Park

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The Cedar Park Town Center is about to become a lot more techy as a multichannel cloud call center software business moves into the area.

During the council’s last meeting, members approved the purchase of 3.464 acres of land in the Town Center, as well as a lease of the property by Serenova, which was  LiveOps Cloud until this past October. The newly rebranded business is currently located at 7300 RR 2222 in Austin.

“This allows the city to locate and retain Serenova’s corporate headquarters and software development operations, which will create over 150 jobs in the community with an average salary of $75,000 per job,” said Economic Development Director Phil Brewer.

Brewer said the project will generate new sales and property tax revenues for the city.

Serenova’s property development entity, CDPK2017, LP, will construct a two-story, 30,000-square-foot office building with a value of no less than $4 million. Construction will begin by June 30 and must be complete by June 30 of 2018.

According to Brewer, the purchase of the land will cost about $1.33 million. It will be completed via a fund balance from the Economic Development Sales Tax Corporation. The lease is $10 a year for 50 years.

This proposed conveyance and lease would accommodate development pursuant to the Community Development Corporation’s Performance Based Economic Development Agreement. It provides up to $802,334 in incentives for the following performance measures:

- Occupying 25,000 square feet of commercial office space within Cedar Park by Dec. 31, 2017.

- Employing 70 full-time employees with an annual payroll of $5.25 million by Dec. 31, 2017.

- Employing 125 full-time employees with an annual payroll of $9.375 million by July 15, 2018.

- Employing 150 full-time employees with an annual payroll of $11.25 million by July 15, 2019.

-Maintaining all of these conditions through the end of the term, which expires on July 15, 2025.

Other future projects in the area include the future Cedar Park Chamber of Commerce building, as well as restaurants.

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