Plainview approves economic development agreement to sell 121 West 7th to West Texas Federal Credit Union

The Plainview City Council approved a purchase-and-service economic development agreement under Chapter 380 of the Texas Local Government Code that will allow West Texas Federal Credit Union to purchase and renovate the former finance/utility building at 121 West 7th Street.

Interim City Manager Johnston outlined the statutory authority for the agreement, citing Chapter 380 of the Texas Local Government Code and section 253.0125 of the Local Government Code, and noted the city's program authority under Article 3, Chapter 52A of the Texas Constitution to promote local economic development.

Johnston described four stipulations the council included in the agreement: (1) within 12 months of closing West Texas Federal Credit Union must substantially complete construction, renovation and installation of improvements required to operate as a credit-union branch and must obtain a certificate of occupancy or favorable building inspection report; (2) within 12 months of substantial completion the credit union must employ no fewer than three full-time employees (defined as 1,820 hours per year each) at the Plainview branch; (3) the credit union must provide timely reports to the city documenting compliance with the renovation and employment commitments; and (4) within 30 days of each anniversary of the agreement's effective date for three years the credit union must provide a detailed employee report showing name, employment start date, hours worked and other identifying information the city may request.

Johnston said staff believes expanding credit-union services within Plainview will reduce underemployment, bring new dollars into the local economy, spur business development in downtown and return the property to the tax roll. The council approved the purchase-and-service agreement; no public comment was recorded.

Council member McDonough moved approval and Council member Dickerson seconded; the motion passed.