City of Cedar Park succeeds in new businesses hunt
December 11, 2013 by James
Cedar Park‘s economic development team can once again claim success with the landing of Fortune 500 company Dana Limited Corp.
A 10-year $1.2m incentive was approved on November 12 by the Cedar Park 4B Community Development Corp and was given the go ahead by the City Council on November 21. Dana agreed to a minimum $12m investment by 2019, which the city expects to generate $115m to the city and state. At full operation, the company is expected to generate 80 jobs paying an average salary of $100,000.
Dana will be occupying the first of Scottsdale Crossing Commerce Park’s seven office buildings. Cedar Park facilitated the building of the building complex by offering TIG Real Estate, the site’s developer, $681,891 for construction of the first building and the complex’s infrastructure. That building was completed last summer and construction of the second building is due to start mid-March.
One of Dana’s vice presidents, Rob Smithson said the company began investigating Texas as a location for a new research and development facility about a year earlier. Part of the incentive to choose Cedar Park over other possible locations was its desire to be close to Fallbrook Technologies; another company with which the city has an incentive agreement.
With influx of new companies, of which Dana is just the latest, a ripple effect has been started. Some likely positive effects will be jobs for residents, relocation to Cedar Park of high paid employees, increase need for housing, and an increased tax base. Local merchants such as grocers, stationery printers, and florists will no doubt benefit as well.