The bill, S.B. No. 2694, 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. Key insertions include definitions for "critical infrastructure" and "national security-related technology," as well as the authority's expanded purpose to include research related to national security and critical infrastructure. The bill also outlines the composition of the board, increasing the number of directors from five to six, and emphasizes the importance of appointing individuals with expertise in national security-related technology or critical infrastructure.

Additionally, the bill establishes provisions for the transfer of ownership of base property to Texas Tech University and outlines the conditions for the authority's dissolution. It specifies that the authority may only be dissolved after all functions are completed and debts are settled, with remaining assets being transferred to Texas Tech University or, if declined, to the City of Lubbock. The bill also includes a new section in the Education Code, exempting facilities transferred to Texas Tech from certain inventory audits until they are operational. The changes are set to take effect on September 1, 2025.

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)