Development Corporation Pays Back $7 Million Loan To City Of Pflugerville Within 60 DaysThe PCDC closes on $23.5 million loan through Capital One to fund agreement with Hawaiian Falls Waterpark and Adventure Park.
PFLUGERVILLE, Texas—The Pflugerville Community Development Corporation (PCDC) announced that it closed today on a $23.5 million loan through Capital One Bank to fund the development of a 22-acre Hawaiian Falls Waterpark and Adventure Park, located near the intersection of FM 685 and SH 130 in Pflugerville. Hawaiian Falls, a year-round regional entertainment venue that broke ground in December, is leasing the land from the PCDC.
The City of Pflugerville provided a short-term loan to enable the PCDC to purchase the land in December. This allowed Hawaiian Falls to begin construction immediately and meet the company’s target date of opening Memorial Day weekend. The PCDC will pay the City of Pflugerville back in full immediately, which is within 60 days of receiving the loan and well before the deadline outlined in the short-term loan agreement.
The PCDC anticipated it would only need a couple of months to secure the loan and pay the City of Pflugerville back in full.
“Our partnership with the City of Pflugerville is very collaborative, as indicated in this deal,” PCDC Executive Director Floyd Akers said. “We are a team that works together for the greater good of Pflugerville, area citizens and local businesses. Together, we are driving toward a common goal of developing our community in the right way to best benefit our great city.”
In an economic impact study commissioned by the PCDC and conducted by Impact DataSource, the project is expected to generate an impact of $700 million to Pflugerville during the next 30 years.
“We feel the issue with our credit rating will be alleviated quickly with the PCDC paying us back in full sooner than planned,” said Pflugerville City Manager Brandon Wade. “The City has a long history of working well with the community development corporation, and this situation is a perfect example of how we partner to ensure the best quality of life in Pflugerville.”
Hawaiian Falls is developing and operating the park under a 30-year lease agreement with two 10-year options to renew.
About the Pflugerville Community Development Corporation
The Pflugerville Community Development Corporation promotes Pflugerville as a desirable place for new businesses to operate. The organization also supports existing businesses by helping to address their needs. PCDC can provide funding for use as an incentive to businesses to begin doing business in Pflugerville. PCDC funds, which are 4B money generated from a half- cent of the city’s sales tax revenue, can also be used to construct needed infrastructure such as roads, utilities and drainage projects. Located 16 miles northeast of Austin and just south of Round Rock, Pflugerville is well-situated in Central Texas. New state highways 45 and 130 and Interstate Highway 35 all offer direct access to other nearby cities and the region’s main airport. For more information, visit www.pfdevelopment.com.