Conroe CIDC reviews finance outlook, approves incentives and updates real‑estate terms; board member resigns

The Conroe Industrial Development Corporation on Feb. 27 heard a detailed presentation on its unaudited finances, accepted a slate of annual performance‑based incentives and approved updated terms for real‑estate transactions after an executive session. Board member Scott Morasco submitted a written resignation dated Feb. 26.

The finance presentation, delivered by Michael, a CIDC finance staff member, showed an unaudited balance sheet as of Jan. 31, 2025 with “cash and cash equivalents of about 4,500,000,” investments listed at “38.4” and total assets near $62.2 million. Michael said sales‑tax receipts for the fiscal year to date were up about 5.5% compared with the prior year and noted a one‑time audit adjustment that affected monthly comparisons: “sales tax for January was down 0.84% with audit adjustments,” he said, and added that the year‑to‑date position was positive.

Why it matters: the CIDC uses 4B sales‑tax revenue to fund debt service, infrastructure in the industrial park and economic incentives. The board’s review focused on projected transfers for several capital items and on long‑term debt tied to land holdings and utility improvements in the parks.

Board members discussed the CIDC’s planned transfers from the fund, including a 2025 estimate of roughly…