City Council OKs incentive package for USAA downtown expansion

Package includes $4 million loan, up to $2 million in tax abatements

SAN ANTONIO – The San Antonio City Council on Thursday approved an incentive package worth up to $6 million for USAA's plans to expand downtown.

The package for the insurance and banking giant includes a $4 million economic development loan and up to $2 million in tax abatements.

USAA expansion plan call for adding 2,000 jobs, expanding its existing tower, add a second office building and making parking garage improvements.

Related: USAA to bring 2,000 jobs downtown, increase growth

Mayor Ron Nirenberg said the expansion is just another piece of the city's plan to invest in the urban core.

"It shows there's substantial momentum to build downtown. We have one of the most significant companies in the world that are putting 2,000 jobs in the urban core," he said. "That's exactly what we wanted to see when we started this strategy 10 years ago, and we see it come to fruition now." 

Related: USAA to serve as official military sponsor for Tricentennial commemoration

USAA said it will have 500 employees working in its downtown office by the end of 2018. 

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