TX SB2694

Expands the purpose of the Lubbock Reese Redevelopment Authority to include facilitating national security and critical infrastructure research in collaboration with Texas Tech University, and establishing an applied research site on the former Reese Air Force Base property

Creates property tax exemptions for tangible personal property used to develop national security-related technology or critical infrastructure technology, presuming such property is in interstate commerce and only temporarily located in Texas

Restructures the Authority's board from seven members appointed by the City of Lubbock and Lubbock County to seven members (six appointed directors plus the South Plains Association of Governments executive director), with appointments made by the board in consultation with Texas Tech University's president

Removes the requirement for governor approval before the Authority exercises its powers and adds authority to enter interagency agreements with Texas Tech University to support research activities and facilitate property transfers

Establishes that upon dissolution, remaining Authority assets transfer first to Texas Tech University (if approved by its Board of Regents), or alternatively to the City of Lubbock if the university declines; exempts transferred facilities from certain higher education facility inventory requirements until placed in service