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City Council terminates Chapter 380 incentive agreement with Titan Lockhart Land Investors LLC for missed development deadlines
Summary
The city terminated the Chapter 380 economic-development incentive with Titan Lockhart Land Investors LLC after the company failed to meet contractual timelines to submit plans and obtain a certificate of occupancy; the developer accepted termination, staff reported no incentive funds were disbursed, and council approved the termination 7–0.
The City Council voted to terminate a Chapter 380 economic‑development incentive agreement with Titan Lockhart Land Investors LLC after the developer did not meet required construction and permitting timelines.
Economic development director Holly Malish told council Titan purchased roughly 31 acres in Industrial Park No. 3 and had been eligible for a road‑impact fee rebate equal to 50 percent of fees not to exceed $326,000 under the Chapter 380 agreement. Under the agreement Titan was required to submit building plans within 180 days of closing and to complete construction and obtain a certificate of occupancy within 18 months of starting construction.
Malish said Titan failed to satisfy the timeline due to adverse market conditions (she cited a 20 percent vacancy rate in the Austin MSA for industrial projects), staff issued a termination letter, and Titan returned a letter accepting the termination. Malish said no incentive funds were disbursed and that the city will continue to work with Titan to market the property for future prospects.
Council approved the resolution to terminate the incentive by a 7–0 vote; Larson moved and Castillo seconded. The termination removes the city's contingent obligations under that Chapter 380 agreement but does not preclude the city and Titan from pursuing future agreements for the property.
