The Tomball Economic Development Corporation finalized an agreement with the city at a meeting Feb. 18 about the funding of improvement projects at the 102-acre business and technology park.

The city will finance TEDC with approximately $8.5 million in certificates of obligation under the agreement that TEDC will repay the debt over time. The corporation will use existing money and future sales tax revenue to pay back the debt. TEDC anticipates revenue from lot sales at the park to total approximately $10.4 million.

The project involves a variety of infrastructure improvements, including the creation of new streets to improve traffic, as well as necessary storm drainage, water, sewer and natural gas facilities. The total project construction cost is estimated at $11.7 million.

The park, at the corner of Hufsmith-Kohrville Road and Holderrieth Road, will be completed in three phases. Construction costs for Phase I, which spans the southeast part of the park, are estimated at $4.7 million. Kelly Violette, TEDC's executive director, said she hopes to begin utility projects late 2013, but lots will be made available to be purchased after the final plat is approved.