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Sheldon ISD board approves Jetty application for Project Argonaut in Generation Park
Summary
The Sheldon ISD Board of Trustees voted unanimously to approve the district's Jetty application (J0034) for Project Argonaut, a proposed modular pharmaceutical manufacturing campus in Generation Park that estimates a $1 billion capital investment and 489 permanent jobs.
The Sheldon ISD Board of Trustees voted unanimously to approve a Jetty application (J0034) filed by ER Squib and Suns LLC, known in the filing as Project Argonaut, and to indicate the district is agreeable to entering into an agreement with the office of the governor and the applicant subject to negotiation and later board approval.
Stephanie Richie, district counsel with Leon Alcala Morrison Reynolds, reviewed the application during the public hearing, describing Project Argonaut as a modular, expandable pharmaceutical manufacturing campus in Generation Park (Harris County). She summarized the application: "initial phase is set to be around 600,000 square feet; estimated capital investment is approximately 1 billion," and said the application lists about 489 permanent jobs for the operations phase.
The presentation noted the project boundary covers approximately 104.33 acres inside Sheldon ISD and outlined the Jetty incentive structure, including a 10-year limitation on M taxable value (the district's maintenance and operations portion) and no limitation on I&S (interest and sinking) taxes. Richie said the application projects taxable M value with the limitation of roughly $329 million versus an unconstrained value of around $613 million.
Board members and staff highlighted the project timeline presented in the application: construction and capital investment during tax years 2027'029, an incentive/operations period when the district would see the M value limitation and the project would report permanent jobs, and a post-incentive period beginning in tax year 2040 when values return to full taxable status.
The board motioned to approve the application and for the district to be agreeable to an agreement with the governor and ER Squib and Sons LLC, subject to negotiation. The motion, made by Mr. Rivas and seconded by Miss Kristen Williams White, passed unanimously.
Next steps from staff included preparing the executed certificate and coordinating with the governor's office (Richie said she would take a copy of the executed certificate to the governor's office before midnight, per the application timeline). Any final agreement will return to the board for approval before execution.
