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.
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A tax exempted credit union receiving additional tax incentive. Over $2B in assets.
ReplyDeleteNot serving the underserved as banks do.
No longer inside its original field of membership.
Taking every advantage possible.
Why not?
What does credit human mean?
DeleteI have no idea. It is most likely the brainchild of some branding guru.
DeleteMaybe they not only need a federal tax exemption but the other special tax goodies to pay for new branding strategy.
DeleteThat's the strangest name!
Is that really their name?
Yes. That is the new name for the credit union.
DeleteThey need the tax exemption and incentives to help overcome a management and board dumb enough to spend time and money on a rebrand that produces CREDIT HUMAN.
Delete