Board of Directors Regular Meeting Agenda


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Meeting Date: 01/22/2015  

SUBJECT MATTER:
Receive, consider and act upon termination of the tax abatement agreement between The Woodlands Township, One Hughes Landing LLC and Layne Christensen Company;
FISCAL IMPACT:
BACKGROUND:
In 2013, The Woodlands Township entered into a tax abatement agreement with One Hughes Landing LLC and Layne Christensen Company. The Township has been notified that One Hughes Landing, LLC and Layne Christensen Company request to withdraw from the tax abatement agreement (letter attached). The parties to the agreement understand that by withdrawing from the agreement, all taxes that have been abated to date on the property, if any, will be recaptured.

The Woodlands Township's tax abatement policy mirrors the Montgomery County policy and no abatements are considered by the Township unless or until the County has approved a tax abatement. At the Montgomery County Commissioner's Court meeting on December 8, 2014, the County terminated its tax abatement agreement with the One Hughes Landing LLC and Layne Christensen.

In order to terminate the tax abatement agreement, it is necessary for the Township to enter into an agreement to terminate with the parties. A draft of the termination agreement is attached for your consideration.
RECOMMENDATION:
Approve Agreement to Terminate Tax Abatement between Montgomery County, One Hughes Landing LLC and Layne Christensen Company.
Attachments
Letter Requesting Withdrawal from Tax Abatement
Agreement to Terminate Tax Abatement


    

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