Procuring community transferring headquarters to Cedar Park

Cable tv procuring community Store LC will relocate its headquarters to Cedar Park with $5.4 million in financial improvement incentives from town.

The corporate will relocate from Spherical Rock and construct a 200,000-square-foot headquarters, which is anticipated to have 1,000 full-time workers by 2033.

“This would be the largest employer in Cedar Park—for now,” metropolis financial improvement director Ben White mentioned.

The corporate, which is at the moment headquartered in Spherical Rock, sells jewellery, gems, valuable metals, purses, style equipment and extra, White mentioned.

Cedar Park Metropolis Council accepted a performance-based financial improvement settlement Nov. 18 that can present a $4.5 million jobs incentive, as much as $150,000 in public infrastructure reimbursements, property tax rebates and a one-year Cedar Park Chamber of Commerce membership.

In return, the corporate will construct a 200,000-square-foot workplace and have a $50 million capital funding. Store LC can even create a $75.7 million payroll with 1,000 full-time workers by 2033, in accordance with metropolis paperwork.

The headquarters will embody tv studios and gross sales and distribution workplaces. Development is anticipated to be full by Sept. 2024, in accordance with town. It is going to be situated the place a former vineyard was on Bell Boulevard south of New Hope Drive.

The settlement with town’s Financial Improvement Gross sales Tax Corp. (Sort A) is estimated to supply a $5.5 million web profit to town, in accordance with metropolis paperwork. The payback interval is 8.6 years with a return price of 12.2%.

“Cedar Park is a stupendous and vibrant metropolis with nice faculties and a powerful neighborhood, making it the proper selection for us to construct our everlasting house the place our firm, workers, and their households can thrive,” Amit Agarwal, the Store LC North American president, mentioned in a metropolis launch.

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