Title
Hold a public hearing and consider an ordinance designating the Residential Reinvestment Zone, an approximate 7,064-acre tract generally located on the northern edge of the city from the border of Fort Cavazos to the north and west, City of Harker Heights City limits to the east, and Hallmark Avenue, Terrace Drive, and East Veterans Memorial to the south.
Body
DATE: May 20, 2025
TO: Kent Cagle, City Manager
FROM: Wallis Meshier, Executive Director of Development Services
SUBJECT: Residential Reinvestment Zone
BACKGROUND AND FINDINGS:
Chapter 312 of the Texas Tax Code allows a governing body of a municipality, by ordinance, to designate an area as a reinvestment zone when such an area is underdeveloped or blighted in order to attract new investment.
Tax abatement is an economic development tool that provides temporary relief from property taxes to encourage private investment to improve the City's long-term tax base.
The Residential Reinvestment Zone is an approximate 7,064-acre tract to include the City Limits of Killeen north of Hallmark Avenue, Terrace Drive, and East Veterans Memorial Boulevard. This area is a focus area for new residential redevelopment due to aging housing stock in need of revitalization, high prevalence of vacant and underdeveloped lots, and blighted or boarded up housing.
THE ALTERNATIVES CONSIDERED:
The City Council has three (3) alternatives. The Council may:
* Disapprove the Residential Reinvestment Zone;
* Approve the Residential Reinvestment Zone but amend the boundary; or
* Approve the Residential Reinvestment Zone
Which alternative is recommended? Why?
Staff recommends approving the Residential Reinvestment Zone as presented.
CONFORMITY TO CITY POLICY:
This item conforms with city policy and state law.
FINANCIAL IMPACT:
What is the amount of the revenue/expenditure in the current fiscal year? For future years?
The adoption of the Residential Reinvestment Zone will not have a direct fiscal impact on th...
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