The Plainview City Council approved an economic-development purchase and service agreement with West Texas Federal Credit Union to sell the city-owned property at 121 West 7th Street for use as a credit-union branch.

Interim City Manager Johnston described the project and the contract as a Chapter 380-style economic-development agreement. Johnston said the property is the former finance/utility payments building downtown that has been vacant since city departments moved into renovated City Hall. Staff recommended approval, saying the project would spur downtown investment and return the building to the tax roll.

Conditions in the agreement: Johnston outlined four stipulations that must be met by West Texas Federal Credit Union. First, within 12 months of closing the buyer must substantially complete construction, renovation and installation of improvements to prepare the property for credit-union operations; substantial completion is defined as receipt of a city certificate of occupancy or a favorable building-inspection report. Second, within 12 months of that substantial completion the branch must employ no fewer than three full-time employees (defined in the agreement as working at least 1,820 hours per year). Third, West Texas Federal Credit Union must provide timely reports documenting completion and staffing. Fourth, for three years after the effective date the credit union must provide an annual report within 30 days of the anniversary showing, for each employee engaged in branch operations, name, start/end dates (if any), hours worked and identification information Plainview requests.

Johnston said staff believes a downtown credit-union branch would reduce underemployment, add dollars to the local economy and stimulate further downtown business development. Council Member McDonough moved to approve the purchase and sales/economic-development agreement; Council Member Dickerson seconded. The motion carried and the clerk announced a vote of "7." No public comments were recorded on the item.