The city and county have approved incentives for Pacific Union Financial, a Dallas-based mortgage company that says it will bring nearly 700 jobs to El Paso over the next five years.
On Monday, City Council and El Paso County Commissioners Court approved tax incentives worth up to $366,203 over the next 10 years. In return, Pacific Union Financial agreed to bring 699 jobs to El Paso and invest more than $1 million in the city.
The company says the average salary will be $48,500 a year.
“I want to re-emphasize and reiterate and reinforce, 100 percent of the proposed jobs are above the median county wage,” Mayor Dee Margo said. “Their total investment with the city is $1.25 million, and we’re happy to do that.”
Evan Stone, owner and founder of Pacific Union, said the opening of the El Paso center was part of an expansion effort by the company.
“We had a certain criteria. We wanted a skilled labor force, we wanted a workforce hungry and thirsty for opportunity and we wanted a diverse workforce,” Stone told El Paso Inc. “The more we started adding up the numbers, it started screaming El Paso.”
The company chose El Paso after considering other cities in California and Arizona.
“We won this competition, El Paso did. We collaborate well together here in El Paso,” said Jon Barela, CEO of the Borderplex Alliance, which helped recruit the company to the region.
The positions will include loan officers, loan analysts, mortgaging service representatives, mortgage underwriters, operations managers and sales managers.
Pacific Union Financial operates nearly 50 offices nationwide and has a residential mortgage loan portfolio valued at $23 billion, according to the company.
On Monday, the city voted to approve tax breaks worth up to $332,836. County Commissioners followed with their own incentives, unanimously approving a package worth more than $33,000.
The company’s El Paso facility will be located in a former AT&T call center near El Paso International Airport at 12 Founders Blvd.
Email El Paso Inc. reporter Aaron Montes at firstname.lastname@example.org or call (915) 534-4422, ext. 105, or (915) 777-4154. Twitter: @aaronmontes91