BUSINESS WIREFitch Ratings assigns an 'AA-' rating to the following Brownsville Community Improvement Corporation, Texas (BCIC) bonds:
--$8.175 million sales tax revenue refunding bonds, series 2012.
The bonds are expected to price via negotiation the week of April 23. Proceeds will be used to refund a portion of the corporation's outstanding obligations.
In addition, Fitch affirms the following ratings:
--$157 million city of Brownsville limited tax bonds and certificates of obligation (COs) at 'AA-';
--$9.76 million BCIC sales tax bonds at 'AA-'.
The Rating Outlook is Stable. [AUSTIN, Texas, Apr 24, 2012]
SECURITY
The BCIC sales tax revenue bonds are secured by a 1/4% sales tax. The bonds are also secured by a cash funded reserve fund in an amount equal to the average annual debt service of all parity obligations. The GOs and COs are secured by an annual property tax levy, limited to $2.50 per $100 taxable assessed valuation (TAV). The COs are additionally payable from surplus revenues of the city's municipal landfill. [click here for full article]
1 comment:
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GBIC Reimbursed $2.5 Million in Job Incentives
Companies making inquires about filling T-Mobile call center facility
BROWNSVILLE, Texas (April 25, 2012) — The Greater Brownsville Incentives Corporation today announced it was reimbursed $2.5 million in job creation incentives paid to T-Mobile USA over the last four years for its Brownsville call center.
T-Mobile announced in March it will consolidate its call center operations from 24 to 17 facilities by the end of June.
Brownsville was T-Mobile’s newest call center impacted by the consolidation. As such, T-Mobile was in year four of a 10-year incentive agreement with the GBIC. T-Mobile was in full compliance with the terms of the agreement, however, unlike the other impacted call center locations, T-Mobile had not yet fulfilled its incentive obligations in Brownsville.
“We applaud the proactive efforts of T-Mobile to resolve this matter and on its treatment of employees impacted by the call center closing. While T-Mobile needed to make a difficult, yet necessary decision to close their Brownsville Call Center, they have been a good partner to the community and we wish them success as they rebuild their business,” said Jason Hilts, BEDC President & CEO.
The GBIC and the BEDC are working closely with T-Mobile to identify and negotiate with companies interested in opening a call center in the Brownsville facility.
T-Mobile started working with the Brownsville Economic Development Council in early 2007 for the development of a 78,000-square-foot call center. The GBIC approved a $3.5 million job creation incentives package in order to oust the other two finalists for the project, Charlotte, North Carolina, and Jackson, Mississippi.
Of the approved amount, T-Mobile received $2.5 million after meeting certain milestones. T-Mobile actively worked with the GBIC on a resolution that satisfies both parties. T-Mobile has reimbursed the GBIC in full and has satisfied all of its obligations and liabilities.
Since 2007, T-Mobile invested more than $92 million in local payroll and spending in Brownsville. In addition to the jobs, T-Mobile invested a total of $17.5 million in its facility on an 8.7 acre site.
T-Mobile Customer Service Representatives (CSRs) in Brownsville are being offered transfer opportunities and relocation assistance to any of their remaining 17 T-Mobile call centers. Employees who choose not to transfer are being offered transition packages and outplacement support.
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