Kalahari Resorts and Conventions is one step closer to creating a US$350m (€337.5m, £283.9m) African-themed waterpark and resort after the operator and city council of Round Rock in Texas came to a number of agreements for the landmark project.
To include more than 990 bedrooms, a spa, fitness centre, restaurants and conference facilities, the resort will be centred around the 200,000sq ft (18,500sq m) waterpark – Kalahari’s first venture in the southwest of the US and fourth property overall.
The proposal has been broken down into a number agreements, with the first being that Kalahari will make the US$350m investment, employing a minimum of 700 workers for the resort once open.
According to the agreement, any revenue sharing and public debt related to the project will be paid using state and city tax revenues generated solely by the project, which includes state hotel occupancy tax, sales tax and mixed beverage tax.
The entire development will be built on 351 acres (1.4 sq km) of city-owned land, with the city purchasing the land and then being repaid the cost of US$27.5m (€26.5m, £22.3m) by Kalahari in two lease payments.
According to the city council, the development has been set an opening date of December 2021, with the location the company’s largest to date. Developing the land use plan and zoning changes is expected to begin in Q2 2016.
