DEPARTMENT: Economic Development
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: 6
SUBJECT:
A Tax Abatement Agreement with AmeriCredit Financial Services, Inc. dba/GM Financial (AmeriCredit) and SRP, LTD. (Owner), and the establishment of the AmeriCredit Reinvestment Zone.
SUMMARY:
Staff is requesting City Council action on the following items related to the AmeriCredit project: (A) a Public Hearing and Ordinance designating the AmeriCredit Reinvestment Zone located at the northwest corner of N. Ellison Dr. & Westover Link in Council District 6; (B) an Ordinance approving a 6-year, 50% Tax Abatement Agreement with AmeriCredit and Owner based on a capital investment of at least $24.5 million in real and personal property improvements and the creation of at least 490 new full-time jobs.
BACKGROUND INFORMATION:
AmeriCredit Financial Services, Inc. (AmeriCredit), formerly AmeriCredit Corp., has been a leading provider of auto finance solutions for dealers and consumers in the U.S. since 1992. Acquired by the General Motors Company in October 2010, AmeriCredit is a wholly owned subsidiary of General Motors. The company focuses on providing unique financing products to dealers in North America to support vehicle sales. The company operates under the GM Financial name when conducting business with GM dealers, and under the AmeriCredit brand when conducting business with all other dealers.
The company is headquartered in Fort Worth, Texas, and has a total global workforce of 7,500 individuals, and had over $340 million in sales last year. To expand their customer support and financial service operations, AmeriCredit considered locations in Nashville, Kansas City, Houston, Austin, and the Dallas-Fort Worth metro area. AmeriCredit has chosen San Antonio to build a new 100,000 square foot, financial services center in the Westover Hills area at N. Ellison Dr. & Westover Link, City Council District 6. AmeriCredit anticipates co...
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