City of Eagle Pass and Maverick County Approve Tax Abatement Agreements for Border Federal Credit Union’s New $5.5 Million Branch Project
By: Ricardo E. Calderon, Eagle Pass Business Journal, Inc., Copyright 2023
Both the City of Eagle Pass City Council and the Maverick County Commissioners Court unanimously approved Chapters 380 and 381 Tax Abatement Agreements for the new Border Federal Credit Union (BFCU) $5.5 Million Branch Project at 2344 El Indio Highway in Eagle Pass, Texas at a special meeting held, respectively, on Friday, August 25, 2023, announced Arturo Marquez, City of Eagle Pass Economic Development Department Director.
BFCU President and Chief Executive Officer Maria J. Martinez announced the development and construction of a new second BFCU Branch Office at 2344 El Indio Highway in Eagle Pass with an estimated investment of $5.5 Million. The second BFCU Branch will complement the banking and financial services offered by BFCU to its members in Eagle Pass and Maverick County.
The new BFCU second branch office on El Indio Highway will have a state of the art 7,501 square feet banking facility to meet the growing financial services market in the community.
“The City of Eagle Pass commends the Border Federal Credit Union Board of Directors and Maria J. Martinez, CEO, for their multi-million dollar investment in our great city, Eagle Pass. The $5.5 million investment is a true sign of BFCU’s trust and commitment to expanding their banking services in Eagle Pass,” Mayor Rolando Salinas, Jr., said.
Salinas added that the construction of the new BFCU Branch on El Indio Highway “will contribute tremendously to the economic growth being experienced by the City of Eagle Pass and extend banking services to a new major area of the community.”
Eagle Pass Interim City Manager Ivan Morua stated “the large investment of $5.5 million by BFCU will create new high paying jobs in the community. This investment signifies that the Eagle Pass economy is on the path to achieving economic prosperity.” The new BFCU Branch Office at 2344 El Indio Highway “will generate twelve (12) full-time jobs with an average pay of $19 per hour and four (4) part-time jobs with an average pay of $15 per hour,” added Morua.
City of Eagle Pass Economic Development Department Director Arturo Marquez stated “the City of Eagle Pass continues to recruit a diverse group of new businesses through execution of Chapter 380 Agreements. Additionally, with the partnership established with Maverick County Commissioners Court, it utilizes Chapter 381 Agreements.” Under Texas Local Government Code Chapters 380 and 381, cities and counties have authority to create and provide economic development programs using loans, grants, and tax abatements.
Marquez added that Chapters 380 and 381 allows “the City of Eagle Pass and County of Maverick to facilitate business activity by diversifying the tax base, attracting new quality jobs, retaining and growing local industries while developing the existing workforce.”
Maverick County Judge Ramsey English Cantu stated “the County is honored to have BFCU make this major investment in our community and expand financial services to our residents as well as create new job opportunities for our workforce.” Cantu noted the new BFCU Branch will feature five (5) drive thru lanes and two (2) ATM drive thru lanes for the convenience of members.
BFCU CEO Maria J. Martinez stated “it is a great honor to bring a new Branch Office to one of the most underserved communities concerning financial services in the state of Texas. We appreciate the City Council and County Commissioners Court in qualifying BFCU for the waiver and look forward to reinvesting the savings into the community.”
Recognized at the August 25, 2023 press conference announcing the Chapter 380 and 381 Agreements were the BFCU Board of Directors, including Maria B. Gutierrez, Chairperson; Dora G. Alcala, Vice-Chairperson; Mark Crosby, Secretary; Jose A. Aranda, Jr., Assistant Secretary; Robert Wayne, Jr., Treasurer; Christopher Ryan, Assistant Treasurer; BFCU CEO Maria J. Martinez, and Eagle Pass Branch Manager Diana Salinas.
Construction on the new BFCU Branch is expected to commence immediately.
