A subsidiary of GM Financial, the captive finance arm of General Motors Co., plans to build a financial services center in Westover Hills that will employ at least 490 workers.

More Information Read the incentive proposals offered GM Financial by the city and county





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The deal is contingent on AmeriCredit Financial Services Inc., which does business as GM Financial, obtaining incentives from city, county and state.

GM Financial expects to invest $24.5 million in the 100,000-square-foot project on North Ellison Road at Westover Link, according to documents filed with the Bexar County Commissioners Court. The jobs, which include finance servicing, funding, IT and executive positions, are expected to pay an average annual wage of $49,794.

Commissioners are slated to vote Tuesday on a request authorizing county staff to negotiate a six-year, 90 percent tax abatement on real and personal property for the company. The incentive is valued at $406,148.

On Thursday, City Council will consider whether to approve a six-year, 50 percent tax abatement for the company valued at $339,594. The state also is offering an unspecified amount of incentives.

“We’re pretty excited about the project overall,” said David Marquez, the county’s economic development director. “It’s a high number of jobs with good wages. They’re going to be building a build-to-suit, so that’s what brings the capital investment up.”

GM Financial spokeswoman Chrissy Heinke in an email confirmed the company has been working with the city, county and state on the project, but she declined to elaborate given the deal “still has to go before both (the city and county) for final approval.”

A spokeswoman in Gov. Greg Abbott’s office declined to comment until after the City Council acts on Thursday.

Fort Worth-based GM Financial’s website indicates the company already has a presence in San Antonio, though the size couldn’t be determined. The company employs about 7,500 people in 20 countries, providing auto finance solutions to about 16,000 dealers. It also offers commercial lending products to dealers to help them finance and grow their businesses. It had earning assets of $53 billion at the end of September.

Besides San Antonio, GM Financial considered potential expansion sites elsewhere in Texas, Tennessee and Kansas, documents filed with the county indicate.

The company was founded as AmeriCredit in 1992. General Motors acquired the company in 2010 and renamed it General Motors Financial Co Inc., its website says.

GM Financial plans to build the center on land owned by SRP Ltd.