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Conroe IDC approves VGXI annual incentive payment for year two
Summary
The Conroe Industrial Development Corporation approved an annual, performance-based incentive payment for VGXI for year two of its agreement; staff said the eligible amount is listed in the meeting packet.
The Conroe Industrial Development Corporation voted to approve an annual performance-based incentive payment for VGXI for year two of the company’s CIDC agreement.
Miss Palmer, a CIDC staff member, told the board that VGXI had submitted required documentation and therefore qualified for the annual incentive amount listed in the board packet. Board members described the CIDC program as performance based rather than a general tax payment and expressed support for incentives tied to job creation and local economic contribution. One director asked why county taxes appeared lower on the report; staff explained the county had issued a tax abatement, which reduced the county taxable value and therefore county tax receipts, and noted the county does not administer a performance-based cash incentive like the CIDC’s program.
After brief discussion the board moved and seconded approval. The motion passed on a voice vote; the clerk recorded the outcome as carried.
