Woodlands Township and economic development leaders have agreed to move forward with a $100 million project to add two hotels and new retail space to The Woodlands Mall.
The boards of The Woodlands Township and The Woodlands Township Economic Development Zone have agreed to move forward with a $100 million project to bring two hotels and new retail space to The Woodlands Mall.Woodlands Township and economic development leaders have agreed to move forward with a $100 million project to add two hotels and new retail space to The Woodlands Mall, an agreement some newly elected leaders have criticized over its lack of public comment.
Ann Snyder, director of the development zone, was the lone nay vote and Township Chairman Gordy Bunch abstained, citing his lease agreement with The Woodlands Mall for office space for his company, The Woodlands Financial Group.Incoming board members Kyle Watson and Brad Bailey had urged the panels to postpone the decision until after Nov. 30 when the new board will be seatedfor The Woodlands Township Board of Directors in the Nov. 8 election.
Township President and General Manager Monique Sharp said the officials have been working on the project with mall for about six months but this issue has only been addressed in executive session. In a presentation to the board, Sharp said the EDZ has the same boundaries as The Woodlands Township. The EDZ board has the authority to assess a sales and hotel occupancy tax and use those revenues to help provide financial incentives for new or revitalization projects.
Sharp said the agreement is limited to $80 million reimbursement or the exact cost, if lower, of the proposed parking facility for the project. “The only way the developer can get a nickel is to actually construct to substantial completion and operation and then only from dollars generated by the new facilities,” Bunch said. “There is no obligation from the township to provide funding other than what is begin generated out of the new facilities.”
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