In exchange for $50 million over four years, the city could lose as much as $173 million over the next three decades, according to Hollins’ office. Whitmire’s administration disputed the projection.
As Houston officials consider promising not to absorb The Woodlands in exchange for $50 million, City Controller Chris Hollins told Houston Public Media the agreement is a “bad deal.”
The Woodlands Township, home to more than 110,000 people, would pay the city $50 million over the next four years as part of the deal — if the city “affirms that it has no intention to annex the Woodlands.”
The agreement would also end The Woodlands’ longstanding obligation to contribute a portion of its sales tax revenue to a restricted fund, used for projects agreed upon by city and township officials. If those contributions were to stop, Hollins’ office estimated the city could miss out on as much as $173 million by 2057, when the obligations are slated to end…