Board of Directors Regular Meeting Agenda


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Meeting Date: 06/26/2019  

SUBJECT MATTER:
Receive, consider and act upon an Assignment of Tax Abatement Agreement from The Woodlands Land Development Company and Alight to 8770 New Trails Holding, LLC. (C-2019-0196);
FISCAL IMPACT:
No fiscal impact to the Township associated with this change.
  
BACKGROUND:
On January 16, 2019,  the Township Board by resolution adopted a Tax Abatement Policy, mirroring that of Montgomery County.   [Attachment A] Montgomery County approved granting a tax abatement pursuant to its policy to The Woodlands Land Development Company, LP (TWLDC) and Alight for the real property  legally described as 13.79 acres of land, more or less, being Reserve A, The Woodlands Medical Research Park, Section 10, having a street address of 8770 New Trails Drive, The Woodlands, Texas.  Thereafter, both TWLDC and Alight similarly requested that the Township likewise grant a tax abatement for the same real property.  On April 24, 2019, the Township Board approved such a tax abatement agreement, pursuant to its tax abatement policy and entered into a tax abatement agreement with TWLDC and Alight. [Attachment B]  The Township's tax abatement agreement with TWLDC and Alight likewise mirrors that of Montgomery County. 

Article 11 of the Tax Abatement Agreement between TWLDC and Alight requires consent of any assignment prior to completion of construction. 

TWLDC requested that Montgomery County approve the proposed assignment of the tax abatement to 8770 New Trails Holding, LLC, to which Montgomery County consented, on April 25, 2019.   Thereafter, on May 28, 2019, TWLDC likewise requested that the Township approve the proposed tax abatement assignment to 8770 New Trails Holdings, LLC. [Attachment C].

This item was deferred from the June 20, 2019 meeting agenda. 
RECOMMENDATION:
Accept assignment from TWLDC to 8770 New Trails Holdings, L.L.C.
Attachments
Resolution No. 001-19
Tax Abatement Agreement
Request for Consent to Assignment


    

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