TITLE
HOLD a public hearing and consider an ordinance designating the I-14/ Trimmier Road Reinvestment Zone, an 11.875 acre tract of land located northwest of the intersection of Central Texas Expressway and Trimmier Road.
SUMMARY
DATE: April 28, 2020
TO: Kent Cagle, City Manager
FROM: Tony D. McIlwain, AICP, CFM, Exec. Dir. of Planning and Dev. Svcs.
SUBJECT: Designation of the I-14/ Trimmier Road Reinvestment Zone
BACKGROUND AND FINDINGS:
Enterprise and reinvestment zones are economic development tools which seek to encourage job creation and capital investment. The City of Killeen currently includes areas within enterprise zones according to the Economic Development and Tourism Division of the Governor’s Office. The enterprise zone program allows a community to partner with the state to offer local and state tax and regulatory benefits to a new or an expanding business in the designated distressed areas. The governing body of a municipality by ordinance may designate an area as a reinvestment zone when such designation is likely to attract major investment in the zone. Tax abatement is one of the tax incentives available in an enterprise or reinvestment zone.
Staff is proposing the designation of an approximate 11.875 acre tract of land, located northwest of the intersection of Central Texas Expressway and Trimmier Road, as the I-14/ Trimmier Road Reinvestment Zone. Cities may designate specific areas of land as reinvestment zones under chapter 312 of the Texas Tax Code. The ordinance designating the zone must describe the boundaries and specify whether the zone is eligible for residential or commercial-industrial tax abatement. Pursuant to Sec. 312.202(a)(6), the propos...
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