H.B. No. 5092 aims to amend the Special District Local Laws Code concerning the Lubbock Reese Redevelopment Authority, particularly focusing on its operation, dissolution, and agreements with Texas Tech University. The bill introduces new definitions for "critical infrastructure" and "national security-related technology," which are tied to research and development activities involving Texas Tech University and various federal agencies. It expands the authority's purpose to include research related to national security and critical infrastructure, and it facilitates the establishment of an applied research site in collaboration with Texas Tech University. Additionally, the bill modifies the composition of the board of directors, increasing the number of appointed directors and emphasizing the need for expertise in national security-related technology.

The bill also outlines the conditions for the authority's dissolution, stating that it may only occur after all functions are completed and debts are settled. Upon dissolution, any remaining assets must be transferred to Texas Tech University or, if declined, to the City of Lubbock. Furthermore, a new section is added to the Education Code, exempting facilities transferred to Texas Tech University from certain inventory audits until they are operational. The changes will take effect on September 1, 2025, and existing board members will retain their positions until the end of their terms, with new appointments subject to the updated qualifications.

Statutes affected:
Introduced: Special District Local Laws Code 3501.001, Special District Local Laws Code 151.3182, Special District Local Laws Code 3501.004, Special District Local Laws Code 3501.005, Special District Local Laws Code 3501.051, Special District Local Laws Code 3501.102 (Special District Local Laws Code 3501, Special District Local Laws Code 151)