LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 75th Regular Session April 21, 1997 TO: Honorable Jerry Patterson, Chair IN RE: Senate Bill No. 1622 Committee on Veteran Affairs & Military Installations-Special By: Duncan Senate Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on SB1622 ( Relating to the creation of the Lubbock Reese Redevelopment Authority.) this office has detemined the following: Biennial Net Impact to General Revenue Funds by SB1622-As Introduced No significant fiscal implication to the State is anticipated. Because the bill would not have statewide impact on units of local government of the same type or class, no comment from this office is required by the rules of the Senate as to its probable fiscal implication on units of local government. Fiscal Analysis The bill would create the Lubbock Reese Redevelopment Authority to accept title from the United States to all or any portion of the real property situated within Reese Air Force Base. The bill would specify the powers and duties of the authority, including the power to dispose of property, to borrow money, and to exercise economic development authority granted to cities in certain chapters of the Local Government Code. The bill would also specify that the property, revenues and income of the authority would be exempt from all state and local taxes. The authority would be the successor in interest to the Lubbock Reese Redevelopment Authority Corporation, a non-profit corporation, and would succeed to all rights and liabilities of the corporation. Methodology Because federal property, including military bases, is generally exempt from state taxation, no significant fiscal implication to the state is anticipated. Source: Agencies: 304 Comptroller of Public Accounts LBB Staff: JK ,JD ,CG