Conroe ISD, Woodforest Bank renew stadium naming deal
A $40 million athletics complex in south Montgomery County will remain the namesake of The Woodforest National Bank after the Conroe Independent School District received only one bid for its naming rights.
At a Tuesday meeting, the Conroe ISD Board of Trustees awarded the naming rights to the financial group for another 10-year contract for a little more than $1 million. Ray Sanders was not present and Skeeter Hubert abstained from Tuesday’s vote due to a conflict of interest.
Darren Rice, chief financial officer for the district, said the district prepared a request for proposal that went out through an online e-bidding system earlier this year to garner interest as the current contract was set to expire August 2018.
The district invited 113 vendors to participate and advertised the bid multiple times in the local newspaper. Three vendors responded and out of those three, two gave “no bid” responses, Rice said.
The remaining candidate was Woodforest National Bank, he said. The district will execute the contract for a period of up to 10 years, with the possibility of extending it for additional increments.
Built in Shenandoah in 2008, The Woodforest Bank Stadium-a $40 million project-was paid for by the school district’s 2004 bond referendum. It was later renovated with funds from the 2015 $487 million bond referendum.
Hubert and a representative for Woodforest National Bank could not be reached for comment.
No bids were received for the natatorium.
The district is one of many in the area selling the naming rights of stadiums. Other districts, such as Caney Creek Independent School District, Katy Independent School District and Humble Independent School District have also sold the naming rights to new stadiums or sports projects.