Texas-based jewelry giant James Avery Artisan Jewelry will build its second headquarters in Cedar Park, thanks to economic incentive agreements approved by the City Council on Thursday, June 27. Under the performance-based agreements, the city says the second headquarters will add 102 new jobs, each with an average wage of $75,000. James Avery will invest $13-million into the construction of a 35,000 square foot office headquarters, including land, building and other improvements.
The company was started in 1954 by James Avery in a two-car garage in Kerrville. In 2007, Avery retired as CEO and handed the reins to his son, Chris. Today, James Avery has 83 James Avery stores, and has a presence in five other states.
James Avery Craftsman CFO Paul Zipp explained why he feels Cedar Park was such a good fit:
“We looked at not only the physical site, but the community we would be moving into – that the topographical aspects and the community culture would be familiar. We seek to maintain the company culture that we all enjoy in Kerrville and that Mr. Avery established over many decades.”
Under the agreement, the Cedar Park Economic Development Corporation will invest $507,500 into the second headquarters, payable over five years. The agreement, which is performance-based with built-in protections for the City, provides incentives based on the number of employees the company guarantees in Cedar Park. In its first year alone, James Avery promises 65 jobs. There is also a relocation bonus for up to 25 existing employees and the company projects annual job growth of 10 employees per year over the following few years.
As per terms of the agreement, construction of the new office headquarters must be complete by the end of July 2021.
Council also authorized a Chapter 380 agreement with James Avery, which will provide up to $18,000 in rollback taxes for the built-out property that will be located at the northeast corner of the 183A Frontage Road and Scottsdale Drive.
The economic benefit to Cedar Park is projected to be a 23.1-percent rate of return and a payback period of 4.1 years on the project.
