Featured, from left Councilmember J.R. Betancourt and Mayor Pro Tem Richard Molina on Monday, February 18, 2016, during a work session of the Edinburg City Council and the Hidalgo County Commissioners Court, review options for Edinburg in the proposed construction by Hidalgo County for a $150 million courthouse in the city’s downtown.
Photograph By MARK MONTEMAYOR
Valuable vacant property owned by First National Bank of Edinburg (which was closed in September 2013) is on the way to becoming yet another success story for the city following recent action by the Edinburg City Council, the Edinburg Economic Development Corporation has announced. When completed, the new residential community will help provide more high-quality housing for Edinburg, and pump an estimated $47 million into the local economy, based on the values of the lots and homes.
Sixty-acre tract of land on South Monmack Road to be transformed into $47 million residential subdivision, announces Edinburg Economic Development Corporation
By DAVID A. DÍAZ
Valuable vacant property owned by First National Bank of Edinburg (which was closed in September 2013) is on the way to becoming yet another success story for the city following recent action by the Edinburg City Council, the Edinburg Economic Development Corporation has announced.
The EEDC, of which Agustín García, Jr. is Executive Director, is the jobs-creation arm of the Edinburg Mayor and Edinburg City Council.
The EEDC Board of Directors is comprised of Mark Iglesias as President, Harvey Rodríguez as Vice President, Ellie M. Torres as Secretary/Treasurer, and Mayor Richard García and Richard Ruppert as Members.
On Tuesday, April 5, 2016, the Mayor and City Council approved a plan requested by Melden & Hunt, Inc. that will result in the development of 115 multi-family residential lots for fourplexes.
In general, a fourplex is defined as a small residential building with four apartments, according to www/quora.com . Also known as multi-family homes, a fourplex usually looks more like a large house than an apartment building.
This new residential subdivision will be located on a 59.44 acre tract of land at 594 South Monmack Road.
When completed, the new residential community will help provide more high-quality housing for Edinburg, and pump an estimated $47 million into the local economy, based on the values of the lots and homes, according to Fred L. Kurth, P.E. & R.P.L.S., President, Melden & Hunt, Inc.
“This development will provide affordable high quality multi-family living in a strategic location within the growth corridor of Edinburg and McAllen being close to major shopping and excellent schools,” said Kurth. “The developers appreciate the Edinburg staff’s, EEDC’s, and Mayor’s and City Council’s vision to allow this much needed development to proceed and serve the residents of Edinburg.”
The residential subdivision will feature two phases, with the first phase set to begin construction in May and ready to start homes in October, he said. An additional 60 acres are currently being master planned for what will be a mixed use of commercial and office space.
“This property is ideally located for a residential use being located off Monmack Road and Sprague Street. The balance of the property not included with this fourplex development lends itself to more of a commercial use with frontage on State Highway 107 and North 10th Street,” Kurth explained. “The proposed plan for the development of the entire property fits well with the area and takes advantage of commercial exposure and quiet residential area.”
The site is fenced with a temporary type fencing that will be replaced with an attractive masonry wall along the perimeter, he added.
“There is other infrastructure such as water lines, storm sewer lines, and sanitary sewer lines within the site, but not at the locations that we need them and we will have to do some relocation of these utilities,” Kurth noted. “There are no buildings on site.”
Although First National Bank was listed as the applicant for the proposed development, Kurth said PlainsCapital Bank, which purchased FNB in the Fall of 2013, is the receiver for the assets of FNB.
“But they have not yet prepared a deed transferring this property from FNB to PlainsCapital,” he said. “This is not unusual as the receiving bank is just avoiding those costs associated with transferring the asset to themselves and then to a buyer.”
First National Bank of Edinburg was closed on September 13, 2013 by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, according to a news release by the FDIC.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with PlainsCapital Bank, Dallas, Texas, to assume all of the deposits of First National Bank.
The 51 former branches of First National Bank reopened as branches of PlainsCapital Bank during their normal business hours, including the two branches in El Paso doing business as The National Bank of El Paso. Depositors of First National Bank automatically became depositors of PlainsCapital Bank. Deposits continued to be insured by the FDIC, so there was no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.
Dallas-based PlainsCapital Bank, the sixth-largest Texas-headquartered bank by deposit market share, operates more than 67 Texas branches and has more than 1,200 employees, according to its website.
Offering commercial lending, treasury management, small business banking, private banking, and trust and wealth management services, PlainsCapital Bank empowers responsive, local decision making in each of its major markets: Austin, Corpus Christi, Dallas, El Paso, Fort Worth, Houston, Laredo, Lubbock, the Rio Grande Valley and San Antonio.
PlainsCapital Bank is part of the PlainsCapital Corporation family of companies. PlainsCapital Corporation is a wholly owned subsidiary of Hilltop Holdings (NYSE:HTH). Find more information at PlainsCapital.com.
UTRGV ANNOUNCES $1 MILLION GIFT FROM PLAINSCAPITAL BAND FOR SCHOLARSHIPS
The University of Texas Rio Grande Valley on Friday, February 19, 2016 announced a $1 million gift from PlainsCapital Bank that will support student scholarships.
The gift will create endowed scholarships for qualified students in the College of Business and Entrepreneurship, the College of Sciences and the UTRGV School of Medicine.
“The transformative power of PlainsCapital Bank’s investment in UTRGV is boundless,” said UTRGV President Guy Bailey. “This gift will positively impact future generations of our students by making their goal of seeking higher education and pursuing the career of their dreams a reality.”
Since its founding 28 years ago by its current chairman, Alan B. White, who has been chairman of PlainsCapital Bank since its founding 28 years ago, praised Bailey and UTRGV’s leadership for the university’s forward momentum, which he hoped the PlainsCapital gift would help continue.
“PlainsCapital Bank is very proud to be part of the region served so well by UTRGV,” White said. “We believe this donation represents an important step in helping the university make a profound impact on the students, faculty and staff on its campuses, and on higher education in the Valley.”
Robert C. Norman, PlainsCapital Bank’s region chairman for the Rio Grande Valley, earned his BBA in finance from UTRGV legacy institution UT Pan American. Norman, a lifelong resident of the Valley, said PlainsCapital is excited about the Valley’s potential growth and wants to be part of the development of a well-educated Valley workforce and improved health care services for its residents.
“This gift exemplifies PlainsCapital Bank’s commitment to young people and to effecting positive changes in the places where we do business and where our customers live and work,” Norman said. “The more we can support this university, the more it will benefit everyone in the region.”
Raul Villanueva, PlainsCapital Bank Brownsville market president, spoke of the impact the scholarships will have on the region.
“PlainsCapital Bank is invested in the success of this community,” Villanueva said. “We support UTRGV’s mission to move the university boldly forward into the future.”
Dr. Kelly Cronin, UTRGV Vice President for Institutional Advancement, said the gift demonstrates PlainsCapital Bank’s visionary leadership and commitment to improving the quality of life in the communities it serves.
“Endowments like this from valued partners like PlainsCapital Bank provide a steady stream of funding for scholarships to support students with outstanding potential while keeping their college education affordable,” Cronin said. “The naming of this enduring UTRGV facility celebrates the philanthropic impact PlainsCapital Bank’s generosity will have for many generations to come.”
To honor the generosity of the Texas-based financial institution, El Gran Salón and El Comedor, both located in the Student Union on the Brownsville Campus, will be named “PlainsCapital Bank El Gran Salón” and “PlainsCapital Bank El Comedor”.
El Gran Salón and El Comedor were selected for the naming because of their high visibility and popularity as venues for student and community events.
On Thursday, February 18, 2016, the theater in the Student Union on the UTRGV Edinburg Campus was named the “PlainsCapital Bank Theater.”
Gail Fagan and Cheryl Taylor contributed to this article. For more information on the Edinburg Economic Development Corporation and the City of Edinburg, please log on to http://edinburgedc.com or to http://www.facebook.com/edinburgedc