July 23, 2003

TCID accepts the resignation of its Chairman

THE WOODLANDS, Texas (July 23, 2003) - The Board of Directors, Town Center Improvement District of Montgomery County (TCID), has accepted the resignation of its chairman, Michael H. Richmond, during its regular meeting today in The Woodlands Town Center. Richmond has served the District since its creation in 1993.

Richmond cited a number of reasons for his resignation. "I am busier now than ever," he said. With new duties as Vice Chairman of Woodforest National Bank, Richmond recently was named chairman of The Woodlands Golf Association, a volunteer organization assisting with the production of the Samsung World Championship, an event that will bring the Top 20 golfers in the Ladies Professional Golf Association (LPGA) to The Woodlands in October. In addition, Mr. Richmond plans to spend more time traveling and with his family.

"Mr. Richmond's contribution to the success of The Woodlands Town Center is extraordinary," said TCID President Frank W. Robinson. "His vision and leadership of the Board of Directors has guided the District through many stages of growth. He has been a great mentor."

Created in 1993 by the Texas Legislature, TCID came into formal existence in June 1994 with the anticipation of millions of visitors coming to the area where major shopping and dining facilities would be developed. Public safety was a paramount concern and the TCID created and funded additional public safety through special agreements with the Montgomery County Sheriff's Office and two cities bordering the Town Center - Shenandoah and Oak Ridge North. TCID launched the Alpha & Omega Royal Mounted Courtesy Patrol, a program where troopers patrol the area on horseback and have direct radio connection to law enforcement officers. These efforts have earned the district a distinction of one of the lowest crime rates in the country.

Under Richmond's leadership, TCID has created many successful programs including the development of The Woodlands Waterway Marriott Convention Center, a spectacular new facility that opened in December 2002. The Convention Center will generate millions of dollars of business for The Woodlands Town Center by attracting large convention groups, business meetings and local consumer shows and galas. During his tenure, TCID created many special events designed to bring visitors to Town Center including the Red, Hot & Blue Festival, The Ice Rink and Lighting of the Doves.

"I feel that Town Center Improvement District is well on its way to exceeding the goals we envisioned when TCID was first presented to the Texas State Legislature," Richmond said. "It has an outstanding board of directors to help guide it into the future. You know I will continue to care deeply about TCID and I will always strive to find other ways to contribute to its progress."

The Board of Directors, comprised of 11 individuals, will name a replacement and a new board chairman at an upcoming special meeting.

ABOUT TCID
Town Center Improvement District is a public entity committed to maintaining The Woodlands Town Center and surrounding area, as the best possible place in which to live, work, shop, and invest.