DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
City Council consideration of Tax Abatement and Chapter 380 Economic Development Program Grant Agreements with Credit Human Federal Credit Union (Credit Human) (Formerly San Antonio Federal Credit Union) to assist with public improvements costs and fees associated with the project site located at 1803 Broadway Avenue, and a resolution approving a Bexar County tax abatement within the boundary of the Midtown Tax Increment Reinvestment Zone (TIRZ) #31 as required by the Texas Tax Code.
SUMMARY:
Staff is requesting City Council approval of a 10-year, 100% tax abatement agreement and a five-year Chapter 380 economic development program grant agreement (tax rebate agreement) to fund a portion of public improvements at the Credit Human headquarters project site, based on: (1) a capital investment of approximately $113 million in real and personal property improvements attributable to Credit Human's use and ownership of a new headquarters; (2) the creation of at least 50 new full-time jobs and retention of 435 existing full-time jobs; and (3) the implementation of formal commuter benefits and workforce development programs for its employees. Staff is also requesting a resolution approving a tax abatement between Bexar County and Credit Human, as the project falls within the boundaries of an active City of San Antonio designated Tax Increment Reinvestment Zone (TIRZ), which requires the County to seek approval from all taxing entities participating in the TIRZ in accordance with the Texas Tax Code.
BACKGROUND INFORMATION:
As part of a rebranding effort to expand and serve additional members in and outside of San Antonio, San Antonio Federal Credit Union, has changed its name to Credit Human. For more than 80 years, Credit Human has had a presence in San Antonio, with its main location at 6061 IH 10 W in Council District 1. Credit Human ser...
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