New Councilman Wants To Bring More Business To Laredo
Roque Vela, Jr. was officially sworn in as city council member for district 5 today and he's already talking business.
Councilman Roque Vela says it's already being done in cities along the border.
And offering tax abatement for businesses who want to come to Laredo should be the next step here too.
It's a push to get bring more business to Laredo.
“We're growing by leaps and bounds. people are thirsty for all kinds of businesses. entertainment restaurants.”
Newly elected Councilman Roque Vela, Jr. says it's up to the city to make it happen.
He's proposing giving tax abatement to businesses owners who want to set up shop here.
“If you buy a building for $100,000 and then invest $900,000. Well instead of paying a million dollars in property taxes you’re going to pay just $100,000 in property taxes.”
Vela says it's exactly what being done in other border cities.
But Laredo has yet to move on creating the same type of 'empowerment zones' for businesses.
He says we're losing out on opportunities to draw big business here, give them a break on taxes for few years and letting them give back in an even bigger way.
“Once you invest that kind of money $5 or $10 Million and see our market. and we are a good market. they're going to be here to stay and they’re going to contribute to the community in other ways. jobs sales taxes salaries. those are all things the community is going to benefit from.”
Vela says offering tax abatement to businesses who invest in our area is that last little push needed to get them here.
He says the tax break won't last forever, likely less than five years.
Vela hopes to bring up further discussion soon.