SAN ANTONIO – The Bexar County Commissioners Court on Tuesday unanimously approved a 10-year tax abatement for Credit Human Federal Credit Union, formerly known as San Antonio Federal Credit Union.
The abatement equates to a 75 percent reduction in taxes for the company, totaling $2.9 million.
The relief helps pave the way for Credit Human to consolidate its operations on the city's north and west sides and relocate to 1803 Broadway, across from The Pearl.
During Tuesday's Commissioners Court meeting, Precinct 3 Commissioner Kevin Wolff said he believes incentives should equal job creation.
Credit Human employs 439 people locally and will add 50 positions to its downtown location.
"But they're also high-paying jobs," Wolff said. "In this case, you're talking about mid-level management, high-level management and entry-level executives. I think the average pay is something like $75,000."
Wolff also argued that the best and fastest way to create jobs is to expand local businesses rather than bring new companies to town.
Precinct 2 Commissioner Paul Elizondo also voted in favor of the tax abatement but questioned why such incentives and attention remain focused on the city's downtown area.
"People are waiting on the west side and the south side for that kind of investment for the business community to step up," Elizondo said.
While the county will miss out on millions in taxes with the approval of the abatement, Wolff said there will be a big payout in other areas, like schools.
"When we abate taxes, school districts don't do that. So essentially what SAISD is going to be getting is, I think, a $15 million building that's going to start paying property taxes immediately to that school," Wolff said. "So there are a number of ancillary benefits."
On Thursday, the San Antonio City Council will vote whether to approve its own incentive package for Credit Human, totally no more than $5,923,822, including a 100 percent tax abatement.