C I T Y O F E L P A S O CHAPTER 380 AGREEMENTS

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2 C I T Y O F E L P A S O CHAPTER 380 AGREEMENTS

3 C I T Y O F E L P A S O ECONOMIC OVERVIEW Overall El Paso added 7,000 jobs over the past year, an increase of 2.2% YTD Nearly $1.5 billion in new capital investment (2009 Current) 126 economic development incentive agreements (2009 Current) FOR EVERY $1 THE CITY PAYS WE COLLECT $4.98 IN INVESTMENT Workforce Solutions Borderplex November Report, November 2017

4 C H A P T E R PROPERTY AND SALES TAX REBATES Granted on all or a portion of the increased taxable value of City s portion of real property and/or personal property tax over base year value. Granted on all or a portion of the City s 1% sales tax. A rebate type of incentive that is administered by the City of El Paso 77 $1.20 5,298 9,695 PROJECTS* BILLION* JOBS CREATED* JOBS RETAINED* In capital investment *Timeframe: Current

5 C H A P T E R PROPERTY AND SALES TAX REBATES N E W C O N S T R U C T I O N W E S T S TA R T O W E R N O R T H M E S A C L A S S A O F F I C E S PA C E

6 C H A P T E R PROPERTY AND SALES TAX REBATES N E W C O N S T R U C T I O N T O P G O L F V I N R A M B L E R D E S T I N AT I O N R E TA I L

7 C H A P T E R PROPERTY AND SALES TAX REBATES N E W C O N S T R U C T I O N T E N E T H O S P I TA L S T R A N S M O U N TA I N C A M P U S L I F E S C I E N C E S

8 C H A P T E R PROPERTY AND SALES TAX REBATES Plan to expand into the El Paso area and will create up to 699 jobs within 5 -year period Average hourly wage is $23.32 (approximately $48,500 per year) 100% of the proposed jobs are above the Median County Wage of $13.11 Total investment: $1,250,000 R E H A B I L I TAT I O N P A C I F I C U N I O N F I N A N C I A L 1 2 F O U N D E R S B L V D B U S I N E S S S E R V4 I C E S

9 I N F I L L D E V E L O P M E N T INCENTIVE POLICY PROGRAM A p p roved M a y The purpose of the City s Infill Development Incentive Policy is to provide financial incentives to develop vacant and underutilized properties within the City limits. 25 PROJECTS $50.8 MILLION Current In capital investment (2012 Current) F O R E V E R Y $ 1 T H E C I T Y P A Y S I N I N F I L L P R O J E C T S W E R E C E I V E $ 4 0 I N I N V E S T M E N T

10 I N F I L L D E V E L O P M E N T INCENTIVE POLICY PROGRAM N E W C O N S T R U C T I O N R E S I D E N T I A L F R A N K L I N AV E A P A R T M E N T S W E S T F R A N K L I N

11 I N F I L L D E V E L O P M E N T INCENTIVE POLICY PROGRAM N E W C O N S T R U C T I O N L I V E / W O R K S P A C E R O D E R I C K A R T S P A C E L O F T S N O R T H O R E G O N

12 I N F I L L D E V E L O P M E N T INCENTIVE POLICY PROGRAM N E W C O N S T R U C T I O N R E TA I L D E V E L O P M E N T T H E S U B S TAT I O N D O N I P H A N

13 T R A N S I T - O R I E N T E D DEVELOPMENT (TOD) POLICY A p p roved May Policy to provide incentives to link higher -density, walkable neighborhoods to transit stations and corridors. Incentives may include: Incremental property tax rebate Sales tax rebate Building and construction fees sales tax rebate Permit fee rebates 24 PROJECTS (2012 Current) $47.2 MILLION In capital investment

14 C I T Y - W I D E T R A N S I T - O R I E N T E D DEVELOPMENT (TOD) POLICY T R A N S I T O R I E N T E D D E V E L O P M E N T B O U N D A R Y M A P

15 THANK YOU Jessica Herrera Director, Economic and International Development City Texas 2 nd floor H E R R E R A J E L PA S O T E X A S. G O V E L PA S O T E X A S. G O V / E C O N O M I C - D E V E L O P M E N T 14