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Fulshear Development Corporation approves economic development agreement with Fulshear Central LLC; routine minutes and payables also approved
Summary
At its June 9 meeting the Fulshear Development Corporation approved Resolution 2025-04 authorizing a performance agreement with Fulshear Central LLC. The board also approved minutes for the May 12 meeting and payables of $10,012.69.
The Fulshear Development Corporation voted to approve Resolution 2025-04, authorizing an economic development performance agreement between the corporation and Fulshear Central LLC, during its June 9, 2025 regular meeting.
The action came after staff said the identical agreement had been approved by the city’s B board and was scheduled for city council consideration on June 17. A board member moved to approve the resolution and the board recorded the motion as passed.
Why it matters: The agreement is intended to encourage development of a commercial project at a site that currently generates no sales tax by returning a portion of future sales-tax revenue to the developer under specified limits. During the meeting staff and board members emphasized that the development corporation will only reimburse the developer from sales tax actuals and that reimbursements are capped.
Board business and votes at a glance:
- Approval of minutes: The board approved minutes for the May 12, 2025 meeting following a motion and voice vote.
- Approval of payables: The board approved payables totaling $10,012.69 by voice vote.
- Resolution 2025-04 (Fulshear Development Corporation and Fulshear Central LLC): Motion to approve recorded and passed by voice vote. The agreement, as explained at the meeting, uses a shared-payback structure tied to sales-tax receipts and contains a reimbursement cap.
What the board said and clarified: Staff and board members repeatedly stated the agreement is structured so the corporation reimburses only from sales taxes generated by the development and that reimbursements will not exceed $1,000,000 (the cap discussed in the meeting). Staff also explained the agreement’s effective and termination dates as drafted; the timeline discussed set the latest possible expiration at June 2, 2039, unless earlier termination provisions are met.
Next steps: Staff noted the item will be forwarded to city council for final action at the June 17 meeting. The board did not record roll-call vote totals in the minutes provided at the meeting; approval was taken by voice vote.
