The Conroe City Council has voted down spending $32.8 million to expand the Conroe Park North Industrial park through the purchase of 410 acres. A tightly-crafted budget for 2024 and the City’s new $107 million hotel losing revenue apparently influenced the decision.
Back on August 10th, the city council and the Conroe Industrial Development Corporation okayed the purchase of the land for the park which is located by the Conroe North Houston Regional Airport.
Existing under the supervision of the Conroe City Council, the Conroe IDC operates as a non-profit development corporation. Through the funding of a one-half cent sales tax levied by the city, help for incentive funding to bring expanded and new business, the IDC promotes economic development.
IDC needing approval, the council denied the Conroe IDC’s purchase of land in a 2-3 vote. Voting against the purchase were Harry Hardman, Marsha Porter and Howard Wood.
Wood said if better opportunities avail themselves, he wanted the city “to be prepared” He said having the CIDC money doesn’t mean it has to be spent at this time.
Harry Hardman passed along that because of the budget issues that exist currently for the city, the purchase wasn’t a “prudent” move.
In July, the city found out that more than $1 million in revenue is expected to be lost because of low occupancy numbers of the hotel through March of next year.
According to the Executive Director of the Conroe Economic Development Council, the park is near to being completely built out.
Employing over 3,000 people, the park takes in 1,655 acres. There are over 40 companies located in the park.
Back in January of 2018, the City of Conroe expanded the park by purchasing 610 acres for $23 million.
Available for sale in the park right now, are four tracts of land totaling 101 acres.
