Pflugerville Community Development Corporation will refinance water park loan
Wednesday, March 01, 2017
Typhoon Texas set to open in May after a $4.5 million upgrade.
In a joint meeting of the Pflugerville Community Development Corporation and the city of Pflugerville Tuesday night, council members gave their unanimous approval to a refinancing plan for the property and equipment at what is now called Typhoon Texas Austin.
The PCDC will now work to refinance its outstanding $24 million loan this month through Hancock Whitney Bank following a restructure by the organization’s financial advisor, First Southwest of Dallas. The PCDC owns 25 acres and the equipment on the site at 18500 N. SH 130 Service Drive SB, Pflugerville.
Details of the plan were discussed and approved by council members, which will remove the city of Pflugerville from loan obligations and lock in an interest rate at 4.295 percent for 15 years. A term sheet and bid package were sent to more than 30 potential bank bidders in the United States, a release from PCDC stated.
Amy Madison, executive director of the PCDC, said groundwork for the refinance began last year.
“We focused in 2016 on laying a solid financial foundation to prepare for this refinance to include land sales, debt retirement, recruitment of a new park operator and strong fiscal management of available resources,” Madison said through the release Wednesday morning. “Now, we can better focus on the business of economic development and bringing new businesses to Pflugerville.”
In January, Katy-based Typhoon Texas came to terms with the PCDC and city of Pflugerville to operate the water park, formerly known as Hawaiian Falls. Madison said Typhoon Texas is expected to invest at least $4.5 million into the park before opening in May.
On Feb. 23, it was announced Typhoon Texas is hiring about 600 part-time seasonal employees.
Joe Warner, Community Impact, 3/1/2017, communityimpact.com