DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICT IMPACTED: 8
SUBJECT:
City Council consideration of a Chapter 380 Economic Development Grant Agreement with Victory Capital Management Inc.
SUMMARY:
Victory Capital Management Inc., (Victory Capital) has chosen to relocate its headquarters from Ohio to San Antonio in combination with its upcoming acquisition of USAA Asset Management Company (AMCO) and USAA Transfer Agency Company d/b/a USAA Shareholder Account Services (USAS) (collectively, the Acquired Companies). The project will involve the relocation of 6 Victory Capital executive team members, the retention of 300 existing jobs, the creation of 51 new highly-paid jobs, partnership with the City relating to internships and financial literacy programs, and real and personal property investment of at least $500,000. Staff is requesting City Council consideration and action on an Ordinance authorizing the City to enter into a Chapter 380 Economic Development Grant Agreement (Economic Development Agreement) with Victory Capital. The Economic Development Agreement will provide financial incentives to Victory Capital in an amount not to exceed $500,000 over five years, based on Victory Capital's headquarter relocation, job and investment commitments. In sum, the project will consist of at least 357 jobs paying an average salary of $96,000 for a minimum of 10-years. Funding in the amount of $500,000 is available from the Economic Development Incentive Fund (EDIF) FY2019 Adopted Budget. Victory Capital's headquarter relocation, job and investment commitments are contingent upon the consummation of the acquisition of the Acquired Companies.
BACKGROUND INFORMATION:
Founded more than 100 years ago and headquartered in Cleveland, Ohio, Victory Capital is an investment management firm whose parent entity is traded on the NASDAQ exchange. With over 275 employees in nine investment franchises throughout the United States, ...
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