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Council reviews Chapter 381 reimbursement request for industrial project at Twin Creek Drive
Summary
Killeen staff presented a Chapter 381 tax increment reimbursement request from Killeen Investments LLC (Blue Acre Development) for up to $119,865 to reimburse off‑site public improvements and sewer work tied to a speculative 180,000 sq. ft. industrial development at 601 Twin Creek Drive.
Staff presented a request by Killeen Investments LLC (doing business as Blue Acre Development) for a Chapter 381 tax increment reimbursement not to exceed $119,865 to cover off‑site public improvements and additions to the city's wastewater system adjacent to Ricky Carlisle Circle.
Ms. Mescher said the developer proposes a speculative industrial building of roughly 180,000 square feet that would increase the property’s valuation substantially (staff estimated full build‑out value near $22.5 million). Funding for the reimbursement would come solely from the property’s incremental ad valorem taxes after development, not from general city revenue. Staff recommended approval and noted the TIRS board recommended the agreement on Sept. 17.
Council had no major objections on the record and the item was included on the consent agenda that passed 6-0. The consent motion authorizes staff to enter the reimbursement agreement subject to the terms presented.
Next steps: staff will finalize the Chapter 381 reimbursement agreement and return contract documents for execution per standard administrative procedures.
