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Consider a memorandum/resolution approving a Chapter 380 economic development agreement with Southern Roots Brewing Company, for the reimbursement of renovations costs in an amount not to exceed $150,000 and authorizing the sale of the city-owned property located at 324 N. Gray Street.
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DATE: January 9, 2024
TO: Kent Cagle, City Manager
FROM: Edwin Revell, Executive Director of Development Services
SUBJECT: 380 Economic Development Agreement for the sale of 324 N Gray St
BACKGROUND AND FINDINGS:
The City of Killeen 2040 Comprehensive Plan and Economic Development Policy set a priority for redeveloping downtown by attracting targeted business types, increasing competitive wage jobs, and increasing the tax revenue base.
In May of 2023, the City Council approved the purchase of 324 N. Gray St. as a strategic investment to incentivize a larger investment in Downtown Killeen that would have a catalyst effect for larger redevelopment and private investment in the area.
The City of Killeen completed the Request for Proposal process, for potential uses of the property in October of 2023, and after evaluating the proposals, selected Southern Roots Brewing Company.
Southern Roots Brewing Company intends to invest an estimated $1,200,000 in both real and personal property to create a headquarters, brewpub, and restaurant at 324 N Gray St. This investment will include 20 jobs with an average salary of $50,000 per year.
Promoting the investment of such operations within the City will promote economic development, stimulate commercial activity, create employment opportunities, and enhance the property tax base and economic vitality of the City. The City of Killeen has in place an Economic Development Policy allowing for a Chapter 380 Economic Development Program designed to promote local economic development and stimulate business and commercial activity in the City.
The attached 380 agreement with Southern Roots Brewing Company, sells the pro...
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