city of San Antonio


Some of our meetings have moved. View additional meetings.

File #: 14-3025   
Type: Procedural
In control: City Council A Session
On agenda: 12/11/2014
Posting Language: Consideration of the following items related to Security Service Federal Credit Union: [Carlos Contreras, Assistant City Manager; Rene Dominguez, Director, Economic Development]
Attachments: 1. SSFCU CHAPTER 380 GRANT AGREEMENT, 2. SSFCU TAX ABATEMENT AGREEMENT
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
DEPARTMENT: Economic Development Department

DEPARTMENT HEAD: Rene Dominguez

COUNCIL DISTRICTS IMPACTED: 8

SUBJECT:

Establishment of the Security Service Federal Credit Union Reinvestment Zone, a Tax Abatement Agreement with Security Service Federal Credit Union (SSFCU), and a Chapter 380 Economic Development Program Grant Agreement with SSFCU used to offset the cost of public infrastructure improvements at the project site.

SUMMARY:

In order to assist with the cost of public infrastructure improvements consisting of the expansion of UTEX Boulevard and construction of an on-site public roadway (Public Improvements), staff recommends for consideration the following items related to the SSFCU project: (A) a public hearing and Ordinance designating the Security Service Federal Credit Union Reinvestment Zone located at 14880 W IH 10 San Antonio, Texas 78249 in Council District 8; (B) an Ordinance approving a 10-year, 100% Tax Abatement Agreement and (C) an Ordinance approving a 5-year Chapter 380 Economic Development Program Grant Agreement (Tax Rebate Agreement), based on a capital investment of at least $120 million in real and personal property improvements, the creation of at least 200 new full-time jobs, and the retention of 747 existing full-time jobs.

BACKGROUND INFORMATION:

SSFCU is a credit union headquartered in San Antonio. SSFCU was formed in 1956 as a not-for-profit, member owned financial cooperative to service the fiscal needs of the U.S. Air Force Security Service Command. It has grown to be the 8th largest credit union in the U.S. and the largest credit union in Texas with over $7 billion in assets and 900,000 members. SSFCU has 37 locations in Texas, and has offices in the Costal Bend, Rio Grande Valley regions, and El Paso, Texas, as well as locations in Colorado and Utah.

SSFCU employs over 700 people in San Antonio at its current headquarters facility located near La Cantera and 1,600 employees nationwide. The compan...

Click here for full text