San Antonio's Economic Development Department opened their databaseof active business incentive packages this week.
Residents can see which companies received nearly $100 million in grants, loans and tax abatements from the city. According to the database, the city created 20,536 jobs and required companies invest nearly $2.8 billion in property and other improvements.
Hulu, Holt and Toyota are just some of the more than 60 companies the city is actively incentivizing to operate in San Antonio. Several agreements were reached more than a decade ago -- one case dates back to 2004.
Totals:
- Total Grants/Loans Awarded: $39,596,584.57
- Total Grants and Loans Dispersed: $15,081,713.14
- Total Investment Required: $2,796,005,600
- Total Taxes Abated: $44,069,846.44
- Total Tax Abatement Estimated Value: $59,891,277
- Total Jobs Required: 21,273
- Total Actual Jobs: 20,536
"I think in general we've certainly become more aggressive trying to recruit and retain businesses in the last 10 years," said Rene Dominguez, director of the Economic Development Department. "We've certainly used our toolbox much more often."
With more use came more scrutiny from the public on how the deals work, what is required of the companies and what the benefits have been, said Dominguez. That's why the city recently commissioned a study on the returns the city has seen from these incentive deals.
"For every $1 we spend on incentives, we have gotten nearly $6 back," he said.
The study was conducted by local SABER Instituteand analyzed revenue from incentives given between 2003 and projected until 2037. It looked at the fiscal impact to the city from sales and property taxes, hotel occupancy taxes and CPS Energy revenue.
Averages:
- Average Grant/Loan: $965,770.36
- Average Grant/Loan Disbursed: $443,579.80
- Average Investment Required: $51,777,881.48
- Average Tax Abatement: $1,101,746.16
- Average Tax Abatement Estimated Value: $1,392,820.40
- Average Jobs Required: 349
- Average Actual Jobs: 419
The database doesn't reflect deals that were terminated, only those that are currently being monitored. It will be updated annually.
Connect with Paul Flahive via email Paul@tpr.org or follow him on Twitter @paulflahive.
