Board of Directors Regular Meeting Agenda


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Meeting Date: 01/23/2019  

SUBJECT MATTER:
Receive, consider and act upon issuance of check to Tammy J. McRae, Tax Assessor/Collector for Montgomery County, Texas; 
FISCAL IMPACT:
Please see explanation below.
BACKGROUND:
In 2018, McDermott completed its merger with Chicago Bridge & Iron (CB&I) and relocated CB&I business operations and employees outside of The Woodlands Township.  This action resulted in a default of CB&I's January 13, 2012 abatement agreement with the Township.  The Board of Directors authorized the execution of a Termination of Tax Abatement Agreement by Mutual Consent with CB&I in November 2018.
                     . 
Tammy McRae, the Tax Assessor/Collector for Montgomery County, handles the recapture of abated property taxes for the Township.  She had instructed CB&I to issue her a check in the amount of $456,534.55, of which $394,473.49 was due to the Township for recaptured property taxes and associated penalties and interest.  The remaining $62,061.06 was due to Montgomery County for attorney fees.

CB&I issued a check payable to the Township instead of the Tax Assessor/Collector.  The check was issued in an incorrect amount of $486,009.56.  The Township deposited the CB&I check into its general fund bank account. 

In order to address these matters, Ms. McRae has requested that the Township issue a check to the Montgomery County Tax Assessor/Collector in the full amount of $486,009.56 so that she can properly post and account for the funds.  She will then issue a check to the Township for $394,473.49, the total amount due to the Township for recaptured property taxes and penalties and interest.  Ms. McRae's request is attached for reference. 
RECOMMENDATION:
Authorize the issuance of a check to Tammy J. McRae, Tax Assessor/Collector for Montgomery County, Texas, in the amount of $486,009.56 with the understanding that $394,473.49 will be issued back to the Township for the recapture of abated property taxes and penalties and interest related to Chicago Bridge & Iron's default of its Tax Abatement Agreement with the Township. 
Attachments
Tammy McRae Request for Check Issuance


    

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