The U.S. Tennis Association Texas is set to anchor the Indigo Ridge North development in Cedar Park.

The headquarters for the United States Tennis Association Texas, or USTA-Texas, are to anchor a $1.5 billion development heading to Cedar Park.The mixed-used project is Indigo Ridge, located at Whitestone Boulevard and Sam Bass Road. Also known as Indigo Ridge North , the development is planned to include office space, hotel space, residential options, retail, restaurants and entertainment.During a March 14 meeting Mayor Corbin Van Arsdale called “historic” for Cedar Park City Council, council voted unanimously to enter a memorandum of understanding with the Indigo Ridge Development Project and USTA-Texas.The document recognizes that Indigo Ridge Development Project is proposing to build a $1.5 billion project over six phases, including more than 2.3 million square feet of commercial, or non-residential, development and more than 2.8 million square feet of residential development, according to Ben White, economic development director for the city of Cedar Park.The anchor of the mixed-use development, USTA-Texas intends to bring its headquarters and facilities to the Indigo Ridge development, according to a March 14 press release from representatives of the Indigo Ridge Development Project. The tennis campus plans to include about 40 outdoor tennis courts, six to eight indoor tennis courts, a stadium court and other amenities.The city intends to enter into a 380 agreement with incentives not to exceed $60 million over a 20-year period, White said. White said the development has to build before they receive any money; in other words, the incentive is performance-based.White said the project is estimated to bring $138.82 million of net new revenue to the city over a 20-year period."Those numbers... that allows us to take a lot of pressure off of property taxes for our residents when you deliver projects like that," Van Arsdale said. "It’s a big deal to have that kind of deal."The memorandum of understanding is a preliminary document and an economic development agreement laying out the details of the agreement should be complete within 90 days, White said.Editor's note: This story was updated March 15 at 9:21 p.m. to add "Texas" at the end of the headline.