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McAllen Area May Land New Car Plant, Property Appraisals Level Off
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0 Comments ::  :: REAL ESTATE, LOCAL, ECONOMY |
McAllen Area May Land New Car Plant, Property Appraisals Level Off. Car manufacturer may set up shop in McAllen as property appraisals stabilize.
A car manufacturer has narrowed its decision on where to locate a new plant to McAllen and a site outside Texas, according to the McAllen Monitor.
Officials with the Corpus Christi Regional Economic Development Corp. wouldn't say whether they pursued the project, but did say McAllen's strategic assets are different from Corpus Christi's.
"The key is mirroring those assets with what fits a specific company," said Roland Mower, president and chief executive officer of the development corporation. "The types of companies McAllen would compete for aren't necessarily the ones we would compete for."
McAllen officials didn't disclose details during a media conference Wednesday except to say they had met with high-level executives from an auto corporation who were deciding between the Rio Grande Valley and another location in another state, according to the Monitor.
McAllen Mayor Richard Cortez said an entry-level full-time position at the possible plant would pay $42,500 a year.
The Monitor reported that McAllen officials had been trying to lure a car manufacturer since 1992. Talks with Kia fell apart in 2006 and among Kia officials concerns was a lack of skilled labor in the Valley, according to the Monitor. McAllen officials now are touting new engineering programs at South Texas College and University of Texas-Pan American, and the proximity of auto parts manufacturers in Reynosa, Mexico, the Monitor reported.
Mower said good news for the Valley is good news for Corpus Christi.
David Engel, the development corporation's chairman, agreed that McAllen's good fortune might benefit the Corpus Christi area, in particular the Port of Corpus Christi.
"It focuses the attention on South Texas," Engel said. "Our mission at the EDC is to retain businesses and attract new businesses. I don't know what the direct benefits of a new car manufacturer in the Valley would be, but it could open opportunities for the Port of Corpus Christi."
County register’s smaller increase on property values that’s good news for taxpayers.
By Kyle Arnold
EDINBURG - Hidalgo County homeowners are getting a break after record jumps in their property appraisals the last two years.
The appraised value on an average Hidalgo County single-family home this year rose just 1.9 percent since last year, compared to the 25-percent increase with which homeowners were dealt the past two years, according to the Hidalgo County Appraisal District.
The softer hit may be partly because this year's appraisals were conducted in areas not so hot on the real estate market - Pharr, San Juan, Alamo, Donna, Weslaco and Mercedes.
Those cities have some of the worst real estate markets in the area.
"I don't think there is a big decline in the McAllen area, or some other cities like Mission," said Steve Radle, an independent appraiser with SR Appraisers in Edinburg. "But some areas (like parts of Pharr to Mercedes) have actually seen a decrease."
The McAllen and Mission areas were appraised during the last two years.
Each spring, the county sends out notices to property owners whose assessed values are set to increase $1,000 or more. Last year, that was more than 135,000 notices, almost twice as many as this year.
"We definitely haven't seen as many people in here protesting their appraisals," county chief appraiser Rolando Garza said.
Anyone who hasn't already received the new assessment probably doesn't have to worry - the notices were sent at the end of April and should have already arrived in mailboxes.
Property taxes fund schools, roads and other government services. Overall, the county tax rolls increased about 10 percent to $34.4 billion. Most of the growth was due to new commercial and residential construction, Garza said. The rest comes from the modest increase in existing homes.
The Rio Grande Valley set residential real estate records for the first six years of the decade, then sales slowed down considerably in 2007, as real estate cooled nationwide.
The median value of a home in Hidalgo County dropped to $89,100 in March, from a record high of $124,400 in August. |
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