PenFed wins more incentives for center

Bexar County officials OK’d an incentive package Tuesday worth up to $380,000 for Pentagon Federal Credit Union, which plans to open a regional center in San Antonio.

Virginia-based PenFed, the nation’s third largest credit union, plans to create 571 jobs within five years and house its employees — including several executives and positions in research, information technology and human resources — at 19500 Bulverde Road on the city’s Northeast Side.

Bexar County commissioners unanimously voted Tuesday to allow county economic development officials to negotiate the incentive package, which includes an economic development grant of more than $130,000 and a skills development grant of up to $250,000 based on PenFed creating 250 jobs that will pay at least $50,000 annually.

Commissioners will vote on the final incentive package, subject to negotiations with the company, at a later date.

PenFed plans to buy the property at 19500 Bulverde Road — the current site of convenience-store chain Circle K’s Texas division and regional distribution center — and invest $8.9 million in capital improvements.

The Bexar Appraisal District valued the property, which encompasses 78.3 acres and more than 567,000 square feet of office and warehouse space, at $46.5 million last year.

The site housed San Antoniobased CST Brands Inc., which operated the Corner Store brand of convenience stores, before Circle K’s Canadian parent company Alimentation Couche-Tard bought CST for $4.4 billion in 2017.

A Circle K spokesperson previously told the Express-News the company will remain at the facility. PenFed will receive more than $3 million in city, county and state incentives to open the center.

Gov. Greg Abbott has promised more than $2.5 million from the Texas Enterprise Fund, often referred to as the state’s “deal-closing” fund for landing new businesses, to finance the center.

Last month, San Antonio City Council members gave PenFed an incentive package worth more than $700,000.