TITLE
Consider a memorandum/resolution approving an agreement for tax abatement for First National Bank Texas, located in the I-14/ Trimmier Road Reinvestment Zone
SUMMARY
DATE: April 28, 2020
TO: Kent Cagle, City Manager
FROM: Tony D. McIlwain, AICP, CFM, Exec. Director of Planning and Development Services
SUBJECT: APPROVAL OF AN AGREEMENT FOR TAX ABATEMENT FOR FIRST NATIONAL BANK TEXAS, LOCATED IN THE I-14/ TRIMMIER ROAD REINVESTMENT ZONE
BACKGROUND AND FINDINGS:
On February 24, 2020, the Greater Killeen Chamber of Commerce forwarded the First National Bank Texas’ (FNBT) tax abatement application to the City. FNBT is requesting consideration of a ten-year tax abatement incentive. The Planning and Development Services Department reviewed the application and determined that the application is complete in terms of the Guidelines and Criteria for Tax Abatement, as adopted by City Council via Resolution 20-027R, on March 24, 2020.
FNBT is proposing construction of a new 5-story, 47,653 square-feet, commercial office building that will be located at 2201 Trimmier Road, Killeen, Texas. The property is located within the proposed I-14/ Trimmier Road Reinvestment Zone. Employees from both the downtown Gray Street headquarters and the Trimmier Road branch will consolidate within the new facility. FNBT will house a total of 130 full time jobs within the new building with an average annual salary of $66,983. The full-service bank will be located on the first floor of the building, while floors two through five will house various executive level and professional support departments. The tax abatement packet contains renderings of the new, proposed building and site plan.
The total new investment for the commercial building ($12,273,012), furnishings, fixtures and equipment ($1,842,787), and architectural and engineering costs ($579,462) amounts to $14,695,261. As detailed in the table below, the adjusted new investment for the property is $11,452,641.
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