DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: City-Wide
SUBJECT: USAA Expansion Project
SUMMARY:
City Council will consider a Chapter 380 Economic Development Program Loan in the amount of $4 million and a Tax Abatement Agreement capped at $2 million or 10 years, whichever comes first, with United Services Automobile Association ("USAA") to help facilitate the addition of 1,500 net new full-time jobs to San Antonio, with an annual salary of at least $50,000, and the expansion or construction of a parking garage to support jobs downtown, including USAA's increased downtown presence.
BACKGROUND INFORMATION:
In 2013, USAA Real Estate Company purchased One Riverwalk Place located at 700 N St. Mary's. In 2017, USAA Real Estate Company purchased the Bank of America Financial Services Center located at 300 Convent. The combined properties represent a large area of downtown commercial real estate and space in them are currently leased to tenants, with USAA occupying 60,399 square feet in One Riverwalk Plaza.
In addition to new hires, USAA is considering relocating employees from other USAA locations outside of San Antonio which could result in 1,500 net new full-time jobs to the City. Should USAA relocate these jobs, USAA would reassess the location of the various divisions within the company for increased efficiency. Such reassessment could result in the relocation of up to 2,000 full-time employees to One Riverwalk Plaza and the Bank of America Financial Services Center.
While some employees that could occupy these buildings in the future may currently be located at the main San Antonio campus on Fredericksburg Road, or at other USAA locations in San Antonio, it is projected that 1,500 net new full-time jobs (some relocations to San Antonio and some new hires into San Antonio) will over a 5-year period be created in San Antonio.
ISSUE:
To accelerate the project and benefit f...
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