About Credit Human to Receive $8.8 Million in Incentives to Relocate HQ "Credit News 24" - HQ,Spending Big,Taxes, Credit News 24, we has prepared this article well for you to read and retrieve information in it. Okay, happy reading.

Credit Human to Receive $8.8 Million in Incentives to Relocate HQ "Credit News 24"

The City of San Antonio and Bexar County will provide Credit Human Federal Credit Union $8.8 million in tax and other incentives to move its headquarters to an office tower to be constructed at the Pearl.

Credit Human, formerly known as San Antonio Federal Credit Union, is the third largest credit union in San Antonio (TX).

The city has proposed offering up to $5.2 million in tax abatements and a $1.5 million tax rebate for the project, but the total value of both incentives would be capped at about $5.8 million, according to the Midtown Tax Increment Reinvestment Zone agenda.

The county is proposing a ten-year tax abatement worth a total of just under $3 million.

The project is expected to consist of two multi-story buildings, with the largest building being used for headquarters use for the credit union and mixed office and retail use. The 3.13 acre site on Broadway Avenue will comprise a total of 310,000 square feet of usable space and the construction of a total of 958 surface and underground parking spaces.

According to news reports, the price tag for the project is estimated at $113 million.

Under the incentive deal, the credit union would be required to pay its employees more than $11.83 an hour. After a year, 70 percent of the employees would have to make at least $15.68 an hour.

Read the agenda item.

Read story (subscription required).

Read an earlier story.



Title : Credit Human to Receive $8.8 Million in Incentives to Relocate HQ "Credit News 24"
link : Credit Human to Receive $8.8 Million in Incentives to Relocate HQ "Credit News 24"