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Conroe CIDC elects 2026 officers; receives Q1 investment and December treasurer reports
Summary
At its Jan. 20 meeting the Conroe Industrial Development Corporation approved a 2026 officer slate (amended to include Ariel Gibbs as treasurer), accepted the FY26 Q1 investment report and the December 2025 treasurer's report, and discussed a listed incentive for VGXI still appearing on planning materials.
The Conroe Industrial Development Corporation elected a 2026 slate of officers and approved routine financial reports at its Jan. 20 meeting.
A board member nominated a slate naming David Herro (chair), Shanna Arthur (vice chair) and Gary Scott (president) and initially listed Mike Garner as secretary-treasurer. The mover later amended the nomination to make Ariel Gibbs treasurer; the amended slate was seconded and approved by voice vote.
Staff member Michael presented CIDC’s fiscal year 2026 first-quarter investment report, explaining the board must follow the Texas Public Funds Investment Act (PFIA) and the city’s investment policy. Michael said the CIDC portfolio follows a buy-and-hold strategy, is currently invested in local government investment pools for liquidity, and reported an ending market value near $35.0 million and a yield-to-maturity of 3.86%. “All of our investments fall within and comply with PFIA and the city's investment policy,” Michael said.
The board voted to accept the investment report on a voice vote.
Treasurer Ariel Gibbs presented the December 2025 treasurer’s report, reviewing the consolidated balance sheet, liabilities, available fund balance and sales tax revenue by industry. Gibbs reported total liabilities and noted year-to-date sales tax revenue and industry composition (retail, general services, food). She told the board that certain incentive commitments (including an entry for VGXI) remain listed in planning materials because they reflect original budget planning; she said no payment is currently due and that the listing will be removed once the city completes its administrative process. “No. There’s no actual cost paid for them yet,” Gibbs said, and she agreed to add a footnote on the next report indicating the status of the VGXI line item.
A separate exchange noted that an incentive payment recorded for mid-2025 was processed at that time; staff said the payment was made but might be subject to recovery procedures depending on final review. The board approved the treasurer’s report on a voice vote.
The meeting also moved the February CIDC meeting and orientation to March 5, 2026 at 3:00 p.m. and approved other routine business. Members said they plan a follow-up workshop to refine CIDC goals and address debt-service and strategic priorities.
