‹ Harris County Water Control and Improvement District No. 157 · All districts' issues
question
Developer reimbursement
1 conflict question
money moved
Confirm the amount paid to the Developer from the Series 2025 Park Bonds, by project, and any interest included.
30 TAC §293.70 (CPA procedures on every item) and §293.50 (interest limits).
The board action behind it
2025-11-13: Approved the agreed-upon procedures report prepared by Forvis Mazars and authorized disbursement of proceeds of the $5,500,000 Unlimited Tax Park Bonds, Series 2025, subject to receipt of an executed Developer Receipt
What else happened at that meeting
With the President attending by video, the Vice President presided. The Board took several actions on the District's $5,500,000 Unlimited Tax Park Bonds, Series 2025, approving an agreed-upon procedures report by Forvis Mazars and the disbursement of bond proceeds, IRS Form 8038-G, an amendment to the District Information Form and the bond closing documents, with closing set for November 19, 2025. It approved the bookkeeper's, tax assessor-collector's and engineer's reports, and authorized BGE to structure the Irrigation Pump Station Nos. 1 and 4 Improvements Project for funding by the Developer. The Board heard updates on the planned Veterans Memorial Park, which BGE aims to finish by Veterans Day 2026, and discussed irrigation pump station filtration with Netafim. It authorized the eminent domain report and the candidate filing-period notice, designated Director Sillman as its AWBD voting representative, and moved the December meeting to December 12, 2025.The law and guidance in force on 2025-11-13
| Before paying a developer from bond money, a CPA performs agreed-upon procedures on every item 30 TAC §293.70
§293.70: Same text in force then and now |
Shown | Mr. Krueger of Forvis Mazars presented the AUP Report (Exhibit C) and the Board approved it before authorizing disbursement (p.2). |
| AUP report sent to TCEQ within 10 days after the board approves it 30 TAC §293.70
§293.70: Same text in force then and now |
Not shown in the record | The minutes do not mention the TCEQ filing. |
| Developer interest limited (generally two years; rate not above the bonds' net effective interest rate) 30 TAC §293.50
§293.50: Same text in force then and now |
Not shown in the record | The minutes do not say how much interest, if any, was paid to the Developer. |
| TCEQ approval of the park bond projects Water Code §49.181; 30 TAC ch. 293
§49.181: Same text in force then and now |
Reported: original not on file | Not in these minutes. Reported, not yet confirmed from the original: the Aug. 14, 2025 minutes (08-14-2025-Minutes.pdf, PDF p.3) refer to the final TCEQ Order and Technical Memorandum, and the TCEQ Water District Database document list, doc 483054 (hcid14-site/bridgeland-records/hcwcid157/tceq/document-records/483054.html) shows the 15th bond issue of $5,500,000 granted. The TCEQ order approving the Series 2025 Park Bonds is not on file. |
Who's involved
Bridgeland Development, LP (represented by Howard Hughes Holdings, Inc.) (developer)
Forvis Mazars, LLP (auditor; prepared the agreed-upon procedures (AUP) report)
Possible conflicts
Forvis Mazars, LLP: The firm that certified the developer payment is also the District's annual auditor and audits the other Bridgeland districts, so the same firm checks the payment and later audits the books that record it. (WCID 157 FY2025 audit, consultant schedule (auditor, hired 05/10/07; HCWCID-157-Audit-Report-FYE-May-31-2025.pdf, PDF p.60); minutes p.2)
Cost to the district
$5,500,000 The payment is funded by the $5,500,000 Series 2025 Park Bonds (net effective interest rate 4.329446%), repaid from the District's debt-service tax. The amount paid to the Developer is not stated in the minutes.Money or costs moved
HCWCID 157 (Series 2025 Park Bond proceeds) → Bridgeland Development, LP Reimbursement for developer-built park and recreational facilities in BGE's $5,500,000 Summary of Costs (approved Feb 13, 2025, minutes PDF p.4-5, hcid14-site/bridgeland-records/hcwcid157/website/Minutes-February-13-2025-Approved-HCWCID157.pdf); amount not stated in the minutes.
Why the board approved it
Recorded: “Forvis Mazars presented the AUP Report; the Board approved it and authorized disbursement 'in accordance therewith', subject to an executed Developer Receipt (p.2).”
The legally required CPA review was done before payment. The minutes do not state the amount paid, the projects, or any interest, and the AUP report (Exhibit C) is not posted with the minutes. The par amount is given as $5,500,000 here and $5,550,000 in the December 12, 2025 minutes (p.2); the October 2025 sale records support $5,500,000.