Friday , August 18 2017
Home | News | City: Economic development brings in $309m in investment
Photo: iilab.utep.edu

City: Economic development brings in $309m in investment

On Tuesday, the City of El Paso Economic Development team shared its record high jobs and investment figures, which revealed that more jobs were created in the past two years than the previous eight years combined.

These successes were presented to City Council Tuesday during an overview that also detailed how economic development activities have spurred more than $309 million of investment, positively enhancing the quality of life and economy in El Paso.

With economic development being one of City Council’s key focus areas as part of the organization’s new strategic plan, the City and its partners have increased their joint efforts and activities in recent years.

In addition to the millions of dollars in investment mentioned above, in the past two fiscal years more than 2,450 jobs have been created and more than 5,600 jobs have been retained.

This success is due to a collaboration of many, which includes Mayor Oscar Leeser and City Council with Mayor’s El Paso Open for Business initiative, City Manager Tommy Gonzalez and his strong business background, the diligent work of the City’s Economic Development Department led by Cary Westin, the Borderplex Alliance’s strong ties to state and national business contacts – spearheaded by Rolando Pablos.

gfxcity

CONTINUED GROWTH & INVESTMENT

ADP Doubling Operations adding 1,100 jobs $41 million investment

Prudential Financial Inc. Creating 300 jobs $3.25 million investment

 Hospitals of Providence West Medical Center  Creating 300 jobs $40 million investment

Charles Schwab Corp. Creating 445 jobs  $21.6 million investment

 Cardwell Collaborative (Region’s Biomedical Research & Technology Center) $29 million investment

Texas Enterprise Zone Designations Creating & retaining 4,005 jobs $90 million in investments

Schneider Electric Adding 193 jobs to current operations $7 million investment

Douglas Steel Creating 55 jobs $3 million investment

Mesa Airlines Creating 40 jobs $600,000 investment

Enviro Water Minerals (Plant to strengthen region’s water supply) $65 million investment 

REDEVELOPMENT ACTIVITY

  • Executed 10 Sustainable City Center Incentives from September 2014 to date

o   projected investment of $34.8 million

  • Executed 12 Infill Development Incentive Agreements from Sept 2014 to date

o   projected investment of $25.9 million

  • Downtown projects – $62 million in private investment in FY2015

o   316 residential units

o   260 hotel rooms

o   Additional retail and office space

 

RETAIL RECRUITMENT/EXPANSION

  • Economic Development team has met with 50 retailers and development companies to discuss El Paso market and potential expansion
  • 18 site visits made since September 2014
  • Staff continues discussions and is providing critical information to retailers and development companies regarding El Paso market for potential expansion
  • Recent announcements have had record breaking openings (La Madeleine Country French Cafe, Twin Peaks, Kona Grill, H&M, Nothing Bundt Cakes)

Following today’s presentation, the Economic Development Department will be returning to City Council on November 3to present recommended updates to the Chapter 380 Incentive Policy. The recommendations that will be brought forward will better align the current policy with the City’s strategic plan.

The Chapter 380 Incentive Policy has been key in various economic development efforts. The most recent announcement was the Enviro Water Minerals plant, a project that is expected to have an economic impact of $7.7 million.

The efforts of the Economic Development Department support the City’s strategic goal to create an environment conducive to strong, sustainable economic development.

Author: City of El Paso

About Staff Report

Staff Reports are just that, Staff Reporting the news. No skew, no opinion just the news. We pride ourselves on making sure that we bring you the news as soon as it is published, submitted or sent to us. No need to have a reporter rewrite or give their opinion. The facts nothing more.

Check Also

UTEP’s Summer Research Symposium Showcases Talent

There’s no question that college students experience a level of transformation as they advance through …

Socorro Renteria 728×90