The Conroe Industrial Development Corporation (CIDC) meeting on January 30, 2025, focused on critical financial disclosures, particularly concerning off-balance sheet debt related to the Hyatt Hotel and the Oscar Johnson Community Center. Board members emphasized the importance of transparency in financial reporting to ensure future boards and taxpayers have a clear understanding of the organization's financial obligations.

During the meeting, a board member highlighted the existing debt on the balance sheet, which includes a $16 million loan and a $3 million contribution for the Hyatt Hotel and Convention Center. However, they raised concerns about an additional $78.5 million in off-balance sheet debt associated with the Hyatt's backstop lien and the Oscar Johnson Community Center, which they argued should be footnoted in financial statements for clarity.

The discussion also covered the estimated debt service of $65.6 million related to various tax revenue bonds, which fund improvements and expansions in the industrial park. The board member stressed that this information is public knowledge but noted that the third lien backstop and the Oscar Johnson Community Center's debt, totaling over $79 million, are not adequately disclosed.

The board members expressed a collective desire for improved transparency, stating that previous decisions may have been made without complete information. They underscored the need for future boards to have access to comprehensive financial data to avoid mismanagement of taxpayer funds.

In conclusion, the meeting underscored the necessity for CIDC to enhance its financial disclosures, particularly regarding significant off-balance sheet liabilities. This move aims to provide a clearer financial picture for current and future board members, ensuring responsible stewardship of public resources.