The Pflugerville City Council and Pflugerville Community Development Corporation on Thursday approved new ownership for the Hawaiian Falls after its current owners fell behind on payments.

The council and PCDC said in a release Thursday evening the lease and operating agreement on the park will be transferred to Typhoon Texas. The city added Typhoon Texas is planning a “multi-million dollar project to renovate the park,” including a larger play area for young children. They expect to open it in May 2017.

“The Pflugerville waterpark needed investment and changes to be successful. After exploring options for more than a year with our partners at the City of Pflugerville, we believe we have found the right operator who shares our vision for the park. The Typhoon Texas team has the capital, the leadership and the proven track record to turn around this waterpark,” PCDC Executive Director Amy Madison said. “With this agreement, we have successfully kept hundreds of seasonal jobs in our community and protected an asset that brings significant economic development benefits to Pflugerville.”

The move comes after previous owner Source Horizons LLC fell behind on payments. KVUE reported Wednesday that they last paid their monthly bill to the city in September, and their current bill was approximately $396,000.

“We’ve known that with the right operator, this waterpark could be a beautiful, safe and family-friendly destination for residents and visitors in Pflugerville, and we’re so pleased to now have Typhoon Texas at the helm,” Pflugerville Mayor Victor Gonzales said. “We want a family entertainment venue that provides high-quality guest services. For us, that means new attractions, free parking and an operator with a commitment to quality. We agree that more play areas and amenities for younger children are needed, and we are committed to responding to the requests of our citizens.”

"It's been a challenge for us obviously, it's always been an opportunity though, that's the way we've seen it, and I think we are launching now on a new venture with Typhoon Texas," said Gonzales.

"When we looked at what we wanted at in our park, our list matched theirs, the things that they found to be most important, customer service, good products, great food, all those things that they've looked at as being their mantra were the very things that we wanted to do for our city citizens so it was a perfect match," said Madison.

Hawaiian Falls first opened in 2014. Typhoon Texas’ other location opened in May 2016 in Katy. The company’s website had been updated Friday to reflect the change in ownership, saying “Howdy Pflugerville” and that it will honor season passes previously purchased for Hawaiian Falls.