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Consider a memorandum/resolution approving a Chapter 311 tax increment reimbursement agreement with Killeen Investments, LLC, for the reimbursement of off-site public improvements and additions to the City's wastewater sewer system, in the amount of $119,865.00.
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DATE: February 3, 2026
TO: Kent Cagle, City Manager
FROM: Wallis Meshier, Executive Director of Development Services
SUBJECT: Chapter 311 Agreement with Killeen Investments, LLC
BACKGROUND AND FINDINGS:
The City of Killeen has established a Chapter 311 Tax Increment Reinvestment Zone (TIRZ #2) to promote local economic development and stimulate business and commercial activity within the City.
Killeen Investments, LLC, owns property located within the boundaries of TIRZ #2 and a targeted investment area as defined in the City of Killeen Economic Development Policy.
The applicant proposes the development of approximately 180,000 square feet of new speculative industrial space. Upon full build-out, the project is expected to add an estimated $22.5 million in new real property ad valorem value, increasing the property's taxable value from its current base value of $356,464 and significantly strengthening the area's tax base.
The development of this facility will support Killeen's growing demand for modern logistics and manufacturing space, stimulate commercial activity, create employment opportunities, and enhance the long-term economic vitality of the City.
Killeen Investments, LLC, has requested a Chapter 311 real property tax increment reimbursement agreement with the City of Killeen and the TIRZ #2 in an amount not to exceed $119,865, to support the construction of off-site wastewater system improvements located within the public right-of-way adjacent to Rickey Carlisle Circle.
THE ALTERNATIVES CONSIDERED:
1. Disapprove the Chapter 311 Tax Increment Reimbursement Agreement;
2. Amend the Chapter 311 Tax Increment Reimbursement Agreement;
3. Approve the Chapter 311 Tax Incre...
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