What you need to know
Following the approval of a tax abatement agreement with Montgomery County on May 7, the township board approved the local agreement with Adventus Development and Bionova Scientific on June 26.
The township’s abatement agreement will match the county’s in reducing the full market appraised value of the project exceeding its base year value, according to the agreement. The abatement reduces the amount the property owner pays in taxes by exempting increases in property value from taxation for a set amount of time. The amount to be abated above the base value each year is:
- 2026-29: 100%
- 2030: 80%
- 2031: 60%
- 2032: 40%
“I've been working with [Bionova] for several years on expanding their modalities,” Dax Goerman of Aventus Development said at the meeting. “We want to continue to attract companies to come here to The Woodlands, just on several accounts of the high quality of life Texas has to offer.”
“We have been working on this project for over two years to help them expand into their facility,” said Gil Staley, president and CEO of The Woodlands Area Economic Development Partnership. “It will bring great spending power, new houses and great employees.”
“I think it's high time that George Mitchell's dream of a technology and biotechnology hub was brought to fruition in its fullest form, and I look forward to many more technology companies joining The Woodlands,” board member Shelley Sekula-Gibbs said.
What's next?
Goerman said Bionova is expecting to begin operations in the first quarter of 2025 and slowly expand operations into the full facility by the end of 2026.
