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Township taps Norrell for its president post
By T.L. HAMILTON
Don Norrell, general manager of the Community Associations of The Woodlands, has been chosen as The Woodlands Township’s new president, filing the spot vacated by Frank Robinson in June and temporarily filled by board member Bob Kinnear.
Board members selected Norrell during their regular board meeting Sept. 24.
The date Norrell will start his new position is still under negotiation, he said.
“I’m honored that the board selected me,” Norrell said. “I know I have a lot of things to do as this transition takes place and I look forward to the challenges.”
The board also discussed how the current downturn in the economy might affect the township’s upcoming bond sale to fund regional participation agreements with the cities of Conroe and Houston.
‘”The financial markets have been through unprecedented challenges recently,” said Financial Consultant Drew Masterson of First Southwest Company. “There have been days where no bonds sold.”
Historically, when the market takes a turn like this, Masterson said, it returns to normal in three to four weeks, which is when the township planned to sell the bonds.
Masterson said he still prefers putting bonds up for a competitive sale rather than a negotiated sale, but the chances of closing the transaction is higher with a negotiated sale.
Board member Alex Sutton said it might be just as risky to focus on one buyer, who could decide at the last minute not to buy.
“The difference is they have to look you in the eye before they walk away, whereas with a competitive sale they can do so anonymously said Mike Page.
“The board voted to have Masterson prepare documents for both a negotiated sale and competitive sale to decide on the type of sale at its next meeting.
Board members selected Norrell during their regular board meeting Sept. 24.
The date Norrell will start his new position is still under negotiation, he said.
“I’m honored that the board selected me,” Norrell said. “I know I have a lot of things to do as this transition takes place and I look forward to the challenges.”
The board also discussed how the current downturn in the economy might affect the township’s upcoming bond sale to fund regional participation agreements with the cities of Conroe and Houston.
‘”The financial markets have been through unprecedented challenges recently,” said Financial Consultant Drew Masterson of First Southwest Company. “There have been days where no bonds sold.”
Historically, when the market takes a turn like this, Masterson said, it returns to normal in three to four weeks, which is when the township planned to sell the bonds.
Masterson said he still prefers putting bonds up for a competitive sale rather than a negotiated sale, but the chances of closing the transaction is higher with a negotiated sale.
Board member Alex Sutton said it might be just as risky to focus on one buyer, who could decide at the last minute not to buy.
“The difference is they have to look you in the eye before they walk away, whereas with a competitive sale they can do so anonymously said Mike Page.
“The board voted to have Masterson prepare documents for both a negotiated sale and competitive sale to decide on the type of sale at its next meeting.
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