• December 25, 2014

Killeen EDC agrees to pay $234,000 for infrastructure improvements

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Posted: Thursday, December 12, 2013 9:01 am

The Killeen Economic Development Corporation agreed to pay $234,000 for infrastructure improvements to locate a retirement and Alzheimer’s facility on a 10-acre lot on Clear Creek Road.

The corporation’s board approved a performance agreement with SH 201 Development LC at a meeting Wednesday.

The agreement requires the corporation to help fund infrastructure improvements in the area of the 2200 and 2300 blocks of Clear Creek Road, across from Metroplex Hospital.

“We are very happy to have them,” said Pat Kaufman, president of the Killeen EDC, about the future development. “There are a lot of folks in this region that would have liked to have this project.”

In exchange for the funding, the developer group is to construct a 40-bed, long-term care facility with 36 beds for Alzheimer’s patients, said John Crutchfield, the Killeen EDC’s secretary.

Once the facility is completed, the developer also will need to create 98 direct jobs and make a $13.4 million investment in the community, according to the agreement.

“We have an employee standard, a construction standard and an investment standard they have to meet,” Crutchfield said.

If the development group doesn’t meet the performance standards, Killeen EDC will have a chance to get its funding back, he said.

“The incentives are relatively low compared to the capital investment,” Crutchfield said.

According to an economic impact study performed by the corporation, in the first 10 years, the business in the agreement will generate $45.8 million in payroll and generate about $17 million in taxable values.

The medical service also is not available at this time, Crutchfield said.

Another benefit from the agreement is once the infrastructure is installed, it will help support other businesses in the area, Crutchfield said.

Killeen EDC didn’t release the full performance agreement at this time, but it should be available in 10 days.

The funding for the agreement comes from money allocated to Killeen EDC from the city of Killeen to conduct economic development.

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1 comment:

  • Alvin posted at 6:33 pm on Thu, Dec 12, 2013.

    Alvin Posts: 253

    I've just finished reading the article entitled 'Killeen EDC agrees to pay $234,000.00 for infrastructure improvements'.

    Copy: The corporation’s board approved a performance agreement with SH 201 Development LC at a meeting Wednesday.
    The agreement requires the corporation to help fund infrastructure improvements in the area of the 2200 and 2300 blocks of Clear Creek Road, across from Metroplex Hospital.
    Once the facility is completed, the developer also will need to create 98 direct jobs and make a $13.4 million investment in the community, according to the agreement. End of copy.
    Who is the developer? How can they say 'The developer will also need to create 98 direct jobs and make a $13.4 million investment in the community'?
    Copy: If the development group doesn’t meet the performance standards, Killeen EDC will have a chance to get its funding back, he said
    “The incentives are relatively low compared to the capital investment,” Crutchfield said.
    According to an economic impact study performed by the corporation, in the first 10 years, the business in the agreement will generate $45.8 million in payroll and generate about $17 million in taxable values.
    Killeen EDC didn’t release the full performance agreement at this time, but it should be available in 10 days.
    The funding for the agreement comes from money allocated to Killeen EDC from the city of Killeen to conduct economic development.
    The first thing I noticed is Copy: 'Killeen EDC didn’t release the full performance agreement at this time, but it should be available in 10 days.' End of Copy. Then you voted to approve something that you did not have the full information on. Sounds like our Government, the way they 'approved' the Obama Health Care to me, Peolosi saying 'Vote for it and then we can read it to see what it contains. The EDC has thrown out a lot of, in my opinion, meaningless numbers, 98 direct jobs, make a $13.4 million investment in the community, the business will generate $45.8 million in payroll and generate about $17 million in taxable income. Where did these 'random' numbers come from? And who is the developer anyway? I don't think I saw that mentioned anywhere in this article.
    The day before yesterday, Channel 25 did a piece on the 'new City Center' saying it will be in the vicinity of Stan Schlueter, Clear Creek Road, close to the Air Port. The city Fathers have been pushing for years to drive the city proper in a Southerly direction. The new city Police Station is built there. The intention of the 'new city hall' has been planned in that direction. Why then did the city Fathers go to all the expense of 'beautifying the down town district' if the ultimate plan was moving everything South? But they still don't recognize the value of getting industry in this city. They just sit on their hands and depend on the military. I've seen what happens to a city that was too engrossed in favoring to the military and then the military was no longer there and it isn't a pretty picture.