Galveston IDC OKs $2 million advance to cover Pelican Island bridge local share

The Industrial Development Corporation of the City of Galveston voted unanimously Wednesday to approve a resolution and a related economic development agreement to provide $2,000,000 to the City of Galveston to meet the local share requirement for the Pelican Island replacement bridge project.

The approval, taken as items 7C-1 and 7C-2 on the IDC agenda, authorizes the corporation to advance $2 million from its fund balance to make up for a $2 million shortfall created after the county withdrew as local sponsor and lost a $2 million TxDOT credit. The board’s action was unanimous. Board members present asked that the city be reimbursed once IDC revenues are projected to cover the advance in fiscal 2026 per the presentation to the board.

Why it matters: The Pelican Island bridge is a multi-agency project with a total participants' funding requirement presented to the board of $36,200,000. Local contributions now stand, per board discussion, at: City of Galveston $8,000,000; Galveston County $5,000,000; A&M (participant) $9,200,000; Navigation District $10,000,000; Port of Galveston $2,000,000; Port of Houston $2,000,000. The board emphasized that the $2 million IDC advance will be repaid to the city in 2026…