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Manvel council signs off on SMDA bond steps to reimburse Meridiana developer
Summary
Council approved a resolution allowing the South Meridiana Development Authority to proceed with bond issuance steps to reimburse developer Meridiana; staff cited an estimated $3,000,000 bond (final amount depends on market and interest rates).
Manvel — The City Council approved a resolution enabling the South Meridiana Development Authority (SMDA) to proceed with steps to issue bonds that would reimburse developer Meridiana for approved capital investments.
Tammy explained the SMDA held the first of three meetings and must secure council approval for the authority’s bond steps before the bonds are offered for sale. Finance staff said the SMDA is considering a roughly $3,000,000 bond issue; the final amount depends on interest rates and the market, and the SMDA operates with a separate budget and financial advisor.
Mayor Davis noted the developer would be reimbursed from tax increment revenues the SMDA captures under a TIRZ/TIF-style arrangement and that the SMDA’s debt is separate from the city's general obligation rating or direct city credit. Council moved and approved the resolution to allow the SMDA to proceed with bond issuance activities.
