City of San Antonio - File #: 14-3176

• File #: 14-3176
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 12/11/2014
• Posting Language: Public Hearing and consideration of an Ordinance designating the Security Service Federal Credit Union Reinvestment Zone consisting of 27.732 acres located in the City of San Antonio, Bexar County, Texas bounded by Leon Creek on the North and West, Interstate 10 R.O.W. on the East and UTEX Blvd on the South, and as more particularly described in the Metes and Bounds Map on file with the Office of the City Clerk.

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 900 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 approximately 900 people in San Antonio at its current headquarters facility located near La Cantera and 1,600 employees...