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Riviera ISD outlines Chapter 313 agreements, warns of possible recapture as property values rise
Summary
Superintendent Billy Colston told trustees the district has two Chapter 313/1.5 agreements tied to a direct air capture and a solar project that include temporary taxable-value limits and annual 'mailbox' payments; rising valuations could trigger Chapter 41 recapture depending on enrollment and state funding formulas.
Superintendent Billy Colston briefed the Riviera ISD board on two Chapter 313/1.5 agreements connected to a direct air capture project and a solar energy project, explaining the agreements cap taxable value temporarily to incentivize development while requiring partial tax payments and project performance. Colston said the deals include annual supplemental payments to the district during peak years.
"The district will receive annual 'mailbox money' payments starting at $50,000 per project," Colston said, noting the sums rise during peak valuation years and decline as agreements expire. He emphasized the figures in staff projections are preliminary and subject to change because of rapid depreciation and the state certification process.
Colston warned that continued valuation growth could push Riviera ISD into Chapter 41 recapture, which would require sending a portion of local revenue back to the state. He told trustees the overall fiscal outcome will depend on valuation trajectories, depreciation, student enrollment and the state funding formulas the district receives.
The board did not take an immediate action on the agreements; Colston said staff will return with updated certified valuation figures and analysis after homestead exemption and protest adjustments are finalized in June.
