The City of El Paso and El Paso County both voted to approve tax incentives to draw in a nationally top rated mortgage company now investing millions into the region.
Pacific Union Financial is an Irving-based mortgage company. Monday morning during a special council meeting El Paso reps unanimously approved a more than $300,000 incentives package. The deal will include thousands in tax and fee rebates over a 10 year period.
Within 5 years the company expects to create roughly 700 new “high-paying” jobs in El Paso. 100% of the new positions will pay above the areas median income. The expected wage is around $23 per hour, about $48,500 per year.
El Paso Mayor Dee Margo says the incentives are small compared to the return value.
“Normally you would expect a lot more from an incentives package for what they are bringing to the table but what we’ve shown is historically for every dollar of incentive that we’re providing we get $4.95 back. So we’re way ahead of the curve,” Margo said.
Pacific Union Financial CEO Evan Stone says the incentives package is nice but their company believes in the El Paso work force.
“El Paso is a very special place where we really want to invest, plant roots, and create unbelievable career, not job, but career opportunities,” Stone explained.
Mayor Margo says the City beat out several other cities trying to attract the company. Places like Costa Mesa, California and Phoenix, Arizona.
The company plans to set up shop where the outgoing AT&T call center is in East El Paso.