Business View Magazine | August 2019

331 BUSINESS VIEW MAGAZINE AUGUST 2019 a million dollars through the city’s EDC. The company committed to roughly $10 million worth of investments. When it was all said and done, it was $23.7 million of investments. So, what somebody may commit to on paper is just the obligation; knowing they are going to actually invest much more – they just don’t want to be held to that standard. Which is the same thing we have going with a 10-acre development. It is zoned as commercial and will be known as Resaca Village.” Those 10 acres comprise a tract of land the EDC has slated for a mixed-used development that includes businesses, office buildings, and retail shopping, and with a boardwalk-type feel along the resaca. The three-phase development will have a $5-$8 million initial investment and upwards of $10-$12 million when complete. “We have a lot of self-standing medical offices going in,” says De La Rosa, “some of the people buying these properties are from along the Gulf coast in the Houston area. They’re developing them and then bringing doctors and other professionals into the area, because within three miles of San Benito, and most of our development, you can access both Baptist Valley Hospital and Harlingen Medical Center. It’s an opportunity for any developer wanting to invest in these properties and, currently, we’ve seen a steady increase in our property valuations because of all the transactions of buying and selling land around here. In the last two years, we’ve had at least ten offices built. This is all new development.” The repurposing of older buildings is also gaining momentum in the historic downtown area, along Sam Houston Boulevard. The EDC has a façade grant program that matches up to $10,000 for improvements to the front of a building. They also provide six-month rent subsidies, if you sign a two- year lease agreement. That incentive is drawing renewed interest for people to move back into the downtown. The city is also negotiating economic development incentives to get repurposing of historic buildings moving forward. There is currently some mixed-use in the downtown area; developments with retail on the first floor and living accommodations, including rental units on SAN BENI TO, TEXAS