A $350 million development agreement between Kalahari Resorts and the City of Round Rock was approved by the city council Thursday night.

Plans for the resort – which would be along U.S. 79 across from Dell Diamond – call for a 975-room hotel, 200,000-square foot indoor/outdoor waterpark and a 150,000-square foot convention center. The City of Round Rock will purchase the approximately 350 acres of land for $27.5 million, and Kalahari must repay the city in two payments: $17 million in December 2016 and 10.5 million plus interest in eight years.

KVUE reported on Wednesday that Kalahari must employ at least 700 people, and KVUE’s partners at the Austin American-Statesman report Kalahari must invest as least $350 million in the development. The city will issue bonds to provide $40 million to build the city-owned convention center. An additional $30 million in bonds will be used to make utility improvements on the property and road improvements on U.S. 79.

Officials told the Statesman that Round Rock is expecting $4.7 million per year in tax revenues for the first 10 years after debt and performance-based incentive payments are made.

The public will have several opportunities in spring 2017 to comment on the project. Kalahari is expected to open its resort in 2021.