IRS Rule Change Leads To Spike In Commercial Loan Modifications
South Lake Tahoe, United States (IBwire.com - October 02, 2009) The IRS rule change issued on September 15, 2009 allows loan servicers and commercial property owners to agree on a workable modification before a default of the loan. Prior to this change, owners of commercial property could only get a small change in the terms because a major change would jeopardize the REMIC's tax exempt status.
REMIC's are essentially trusts that were established to purchase loans from commercial mortgage bankers. These trusts would then sell the income stream as an investment vehicle on Wall St to institutional and individual investors.
The market for CMBS investments broke down following the sub-prime crisis in 2008. The Federal Reserve has made efforts to restore liquidity to that market with the TALF (term asset lending facility) program which funds loans to owners of recently issued CMBS.
From 2005 - 2007 about 70% of commercial loans were packaged into CMBS. Many of these loans were made with loose underwriting standards to feed the demand for high yield investments. These loans typically have a 3 to 7 year maturity. With the commercial real estate price deflation that is occurring and the tightening of lending standards, property owners will have a hard time finding financing.
"We have seen an increase of 30% in lead production at commercialmodification.com since the IRS changed the rules two weeks ago" says Ted Schmidt, President of Leadsnet, Inc., a leading provider of commercial mortgage modification leads.
Read More...
Friday, October 2, 2009
Thursday, October 1, 2009
More Jobs in the McAllen-Edinburg, Texas Market
Ninety-nine of the nation’s 100 biggest labor markets had fewer jobs in August than a year earlier, led by a loss of 230,000 jobs in the Los Angeles area, according to a report released Wednesday by the U.S. Bureau of Labor Statistics.
The only exception was the Mexican border market of McAllen-Edinburg, Texas, which had 3,200 more jobs in August than in the same month a year ago.
The following are the 100 biggest labor markets in America, ranked according to raw change in employment between August 2008 and August 2009. Each market’s percent change is in parentheses:
McAllen-Edinburg, Texas, gain of 3,200 jobs (1.5%)
Jackson, Miss., loss of 1,200 jobs (-0.5%)
Baton Rouge, La., loss of 3,300 jobs (-0.9%)
El Paso, Texas, loss of 3,500 jobs (-1.3%)
Worcester, Mass., loss of 3,500 jobs (-1.4%)
Trenton, N.J., loss of 4,000 jobs (-1.7%)
Little Rock, Ark., loss of 4,600 jobs (-1.3%)
New Haven, Conn., loss of 4,900 jobs (-1.8%)
Columbia, S.C., loss of 5,100 jobs (-1.4%)
... Read More
The only exception was the Mexican border market of McAllen-Edinburg, Texas, which had 3,200 more jobs in August than in the same month a year ago.
The following are the 100 biggest labor markets in America, ranked according to raw change in employment between August 2008 and August 2009. Each market’s percent change is in parentheses:
McAllen-Edinburg, Texas, gain of 3,200 jobs (1.5%)
Jackson, Miss., loss of 1,200 jobs (-0.5%)
Baton Rouge, La., loss of 3,300 jobs (-0.9%)
El Paso, Texas, loss of 3,500 jobs (-1.3%)
Worcester, Mass., loss of 3,500 jobs (-1.4%)
Trenton, N.J., loss of 4,000 jobs (-1.7%)
Little Rock, Ark., loss of 4,600 jobs (-1.3%)
New Haven, Conn., loss of 4,900 jobs (-1.8%)
Columbia, S.C., loss of 5,100 jobs (-1.4%)
... Read More
Monday, September 28, 2009
The Third Coast, Post 9/11 Shipping Alternative | NAI Rio Grande Valley
The Third Coast
The unique location of the Greater McAllen Alliance corridor positions it as one of the most competitive shipping ports to and from Asia, Europe and South America. Considered by many companies as the third coast, this corridor is the cost effective, post 9/11 shipping alternative. Globally produced goods can be consolidated in one location to serve all North American markets. World events over the last few years have changed the reliability of our traditional logistic systems. Today, smart companies are looking at alternatives.
Shippers have started using the Mexican ports of Manzanillo and Altamira to save time and money. Shipments arriving at these ports are moved by truck or rail to a new dry port in Reynosa, Mexico or distribution warehouses in the greater McAllen area. From here they are shipped to points across North America. This route can save the shipper 20-25% in transportation costs and an average of three days of shipping time. With the increased emphasis on logistics cost and speed to market, it is easy to see the benefits of being able to ship all global production to customers from a single North American location. This virtually eliminates the need for restaging or partial shipments to meet customer demands.
Shipping through this new corridor is faster, cheaper and easier. Just another instance of bridging the Americas (and now the World) for international trade.
Knowledge is Power! Upcoming Constitutional Amendments on the November 3rd Election Ballot | NAI Rio Grande Valley
Knowledge is Power!
Here is an article from TAR's consumer website, www.TexasRealEstate.com that relates to the upcoming Constitutional Amendments on the November 3rd Election Ballot. This is great information to review prior to casting your vote.
Important issues for Texas homeowners
SEPT. 28, 2009
On Nov. 3, 2009, the voters of Texas will once again have an opportunity to take a stand against the burdensome and uneven taxation of residential property. There are four amendments that will directly affect all property owners in the state, and the Texas Association of REALTORS® is imploring all homeowners to vote and be heard on these issues.
So what exactly are you voting for in this election cycle? If you're like me, you have on more than one occasion glanced at a proposed amendment, scratched your head, and had a bewildered look on your face. The language is so full of legislative jargon, and without background information, it is difficult at times to figure out the intent.
I'm sure that anyone who has ever seen an episode of Star Trek has probably wondered, "How is it that aliens from all across the galaxy can speak and understand English?" The television show explained this phenomenon through the use of an accepted convention in science fiction called a "universal translator." No matter what kind of gibberish was spoken, it would always come out as plain English. I have no doubt that anyone who has ever consulted with an attorney on a legal issue probably could've used something like this.
Yes, I am a lawyer. It is a much-maligned profession (and admittedly sometimes deserved). But in this case, I must rise to our defense. Believe it or not, there is a reason why the language of statutes and proposed amendments is so seemingly convoluted. Every word has to be carefully considered and painstakingly analyzed to make sure it meets constitutional requirements, is not overly ambiguous, and will not be misconstrued.
That being said, legalese is definitely not the best way to convey information to voters. So that is why I, your friendly neighborhood association legal counsel, will act as your universal translator for the upcoming election on the proposed constitutional amendments. I'm only going to translate those propositions on the Nov. 3 statewide ballot that directly affect homeowners. By the way, just to be clear, I urge you to join Texas REALTORS® in voting for all of these. Here we go ...
Proposition 2
Legalese: The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property's value as a residence homestead.
Translation: If you're a homeowner in Texas, you are well aware of the astronomical increases in the appraised values throughout the state, especially if the property is not covered by zoning regulations. The central appraisers are using a practice called "highest and best use," which is a method that allows a property to be valued on potential use rather than the current use. So if your residence homestead happens to be near a new commercial development, you could have a Spock-like, eyebrow-raising experience the next time you get your appraisal. Proposition 2 will fix this problem, mandating that a residence be appraised only on as a residence, regardless of what the highest and best use of the property may be.
Proposition 3
Legalese: The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.
Translation: There is currently a hodgepodge of rules and standards for appraisals throughout the 254 counties of Texas. Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state; and if there were inconsistent appraisal methods among the counties, the state would have the power to establish uniformity. If this amendment were to pass, property owners in counties throughout the state could be assured that they were being evaluated in a similar manner. This is important because state funding for public schools is based on the taxable property in each school district.
Proposition 5
Legalese: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.
Translation: The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.
Proposition 11
Legalese: The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the state, a political subdivision of the state, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature's authority to grant the power of eminent domain to an entity.
Translation: Surprisingly, this one is actually pretty self-explanatory. Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a "public use" and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only be a two-thirds vote of the Texas Legislature.
Now that you're armed with your very own universal translator, you can take the steps to live long and prosper. I'd start by voting for propositions 2, 3, 5, and 11 on the Nov. 3 ballot!
Here is an article from TAR's consumer website, www.TexasRealEstate.com that relates to the upcoming Constitutional Amendments on the November 3rd Election Ballot. This is great information to review prior to casting your vote.
Important issues for Texas homeowners
SEPT. 28, 2009
Lost in translation
By GABRIEL LOPEZ
On Nov. 3, 2009, the voters of Texas will once again have an opportunity to take a stand against the burdensome and uneven taxation of residential property. There are four amendments that will directly affect all property owners in the state, and the Texas Association of REALTORS® is imploring all homeowners to vote and be heard on these issues.
So what exactly are you voting for in this election cycle? If you're like me, you have on more than one occasion glanced at a proposed amendment, scratched your head, and had a bewildered look on your face. The language is so full of legislative jargon, and without background information, it is difficult at times to figure out the intent.
I'm sure that anyone who has ever seen an episode of Star Trek has probably wondered, "How is it that aliens from all across the galaxy can speak and understand English?" The television show explained this phenomenon through the use of an accepted convention in science fiction called a "universal translator." No matter what kind of gibberish was spoken, it would always come out as plain English. I have no doubt that anyone who has ever consulted with an attorney on a legal issue probably could've used something like this.
Yes, I am a lawyer. It is a much-maligned profession (and admittedly sometimes deserved). But in this case, I must rise to our defense. Believe it or not, there is a reason why the language of statutes and proposed amendments is so seemingly convoluted. Every word has to be carefully considered and painstakingly analyzed to make sure it meets constitutional requirements, is not overly ambiguous, and will not be misconstrued.
That being said, legalese is definitely not the best way to convey information to voters. So that is why I, your friendly neighborhood association legal counsel, will act as your universal translator for the upcoming election on the proposed constitutional amendments. I'm only going to translate those propositions on the Nov. 3 statewide ballot that directly affect homeowners. By the way, just to be clear, I urge you to join Texas REALTORS® in voting for all of these. Here we go ...
Proposition 2
Legalese: The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property's value as a residence homestead.
Translation: If you're a homeowner in Texas, you are well aware of the astronomical increases in the appraised values throughout the state, especially if the property is not covered by zoning regulations. The central appraisers are using a practice called "highest and best use," which is a method that allows a property to be valued on potential use rather than the current use. So if your residence homestead happens to be near a new commercial development, you could have a Spock-like, eyebrow-raising experience the next time you get your appraisal. Proposition 2 will fix this problem, mandating that a residence be appraised only on as a residence, regardless of what the highest and best use of the property may be.
Proposition 3
Legalese: The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.
Translation: There is currently a hodgepodge of rules and standards for appraisals throughout the 254 counties of Texas. Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state; and if there were inconsistent appraisal methods among the counties, the state would have the power to establish uniformity. If this amendment were to pass, property owners in counties throughout the state could be assured that they were being evaluated in a similar manner. This is important because state funding for public schools is based on the taxable property in each school district.
Proposition 5
Legalese: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.
Translation: The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.
Proposition 11
Legalese: The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the state, a political subdivision of the state, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature's authority to grant the power of eminent domain to an entity.
Translation: Surprisingly, this one is actually pretty self-explanatory. Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a "public use" and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only be a two-thirds vote of the Texas Legislature.
Now that you're armed with your very own universal translator, you can take the steps to live long and prosper. I'd start by voting for propositions 2, 3, 5, and 11 on the Nov. 3 ballot!
Saturday, September 26, 2009
Pharr, TX to Benefit from BBVA Compass Shifting Jobs to Texas
BBVA Compass shifts jobs to Texas
San Antonio Business Journal - by Greg Barr
Thursday, September 24, 2009
Fast-growing regional bank BBVA Compass plans to shift 200 jobs from its call center in Birmingham, Ala., to Texas.
The bank plans to phase out call center operations in Alabama and transition the jobs to Pharr, near McAllen, and also to a new call center to be located in San Antonio, according to BBVA spokesman Ed Bilek.
The jobs will be outsourced to call center operator Atento, effective Oct.1.
BBVA Compass, based in Birmingham, is the U.S. banking arm of Spanish financial services giant Banco Bilbao Vizcaya Argentaria SA. The holding company for BBVA’s U.S. operations is based in Houston.
Barr writes for the Houston Business Journal, an affiliated publication to the San Antonio Business Journal.
San Antonio Business Journal - by Greg Barr
Thursday, September 24, 2009
Fast-growing regional bank BBVA Compass plans to shift 200 jobs from its call center in Birmingham, Ala., to Texas.
The bank plans to phase out call center operations in Alabama and transition the jobs to Pharr, near McAllen, and also to a new call center to be located in San Antonio, according to BBVA spokesman Ed Bilek.
The jobs will be outsourced to call center operator Atento, effective Oct.1.
BBVA Compass, based in Birmingham, is the U.S. banking arm of Spanish financial services giant Banco Bilbao Vizcaya Argentaria SA. The holding company for BBVA’s U.S. operations is based in Houston.
Barr writes for the Houston Business Journal, an affiliated publication to the San Antonio Business Journal.
Federal Reserve Leaves Interest Rates Near Zero | NAI Rio Grande Valley
Federal Reserve leaves interest rates near zero By Don Lee Los Angeles Times | Business
September 24, 2009
The Fed's policy-setting committee said evidence suggested "economic activity has picked up," compared with its Aug. 13 assessment that the economy was merely "leveling out."
This time the Fed also said that "activity in the housing sector has increased" and that businesses' pace of cutting back on investments and staffing had slowed.
But the panel, citing continuing job losses and constrained household spending, said in a statement that "economic activity is likely to remain weak for a time." Substantial slack, or unused capacity, will probably dampen cost pressures and keep inflation subdued for some time, the committee said.
The panel voted 10 to 0 to leave the target for the Fed's key short-term interest rate between zero and 0.25% for "an extended period," which many analysts interpret to mean until at least mid-2010.
Although that's good for consumers paying mortgages and credit cards, "if you're a saver, it's keeping rates down -- you hate it," said Babette Heimbuch, chief executive at the Los Angeles-based thrift FirstFed Financial Corp.
Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said he was encouraged "by the unanimity of the Fed governors, that we have all of them behind this decision to keep rates low."
With high unemployment and bank lending still weak, Ablin added, "I think the Fed is taking a very realistic view. There certainly is a lot of stimulus in the system, but also a lot of slack."
The Fed also announced another cautious move toward eventually pulling back from its unusual interventions in financial markets to keep the economy from collapsing. The Fed is about two-thirds of the way through its previously announced plan to buy as much as $1.25 trillion of government agency mortgage-backed securities by the end of this year.
On Wednesday, the central bank said it would buy the full $1.25-trillion amount but would "gradually slow these purchases" until they are completed next March, along with another program to buy $200 billion in agency debt.
"The mortgage market has gotten a reprieve, and mortgage rates may stay low going into the spring of next year," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi in New York.
But, he added, "there might be some fear that rising interest rates next spring when the Fed stops buying mortgages could put the kibosh on the recovery."
The purchases of mortgage bonds issued by government agencies have helped push down the cost of home loans. They also have made the Fed, in effect, the principal source of financing for the housing market and have contributed to a ballooning of the central bank's balance sheet. Some analysts fear that the Fed's programs are supplying the economy with too much cheap money that will lead to spiraling inflation.
The Fed's plan to wind down the purchases of mortgage-backed securities indicates a stronger confidence in the housing market as the central bank seeks to shift the financing back to the private sector.
Yet it also buys the agency time, said G.U. Krueger, an economist at HousingEcon.com, a research and consulting firm in Los Angeles.
"They're hedging their bets a little bit, keeping their options open in case the market falls again," Krueger said.
With the economy showing signs of improvement, the Fed has come under increasing pressure to address the question of an "exit strategy" for its lending programs.
"The exit strategy will become the focal point of future policy deliberations," California State University economist Sung Won Sohn said in a research note. "After all, a firefighter's first rule of survival is 'Know your way out.' "
The Fed policy-setting panel's next meeting is Nov. 3-4.
don.lee@latimes.com
September 24, 2009
Reporting from Washington - The Federal Reserve said Wednesday that it would keep short-term interest rates near zero for the foreseeable future, even though the central bank acknowledged that the economy was recovering from its long downturn.
The announcement after a two-day Fed meeting makes clear that the agency is in no hurry to raise interest rates despite concerns that the federal government's soaring deficits and the Fed's extraordinary stimulus measures will eventually drive up inflation.
The Fed's policy-setting committee said evidence suggested "economic activity has picked up," compared with its Aug. 13 assessment that the economy was merely "leveling out." This time the Fed also said that "activity in the housing sector has increased" and that businesses' pace of cutting back on investments and staffing had slowed.
But the panel, citing continuing job losses and constrained household spending, said in a statement that "economic activity is likely to remain weak for a time." Substantial slack, or unused capacity, will probably dampen cost pressures and keep inflation subdued for some time, the committee said.
The panel voted 10 to 0 to leave the target for the Fed's key short-term interest rate between zero and 0.25% for "an extended period," which many analysts interpret to mean until at least mid-2010.
Although that's good for consumers paying mortgages and credit cards, "if you're a saver, it's keeping rates down -- you hate it," said Babette Heimbuch, chief executive at the Los Angeles-based thrift FirstFed Financial Corp.
Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said he was encouraged "by the unanimity of the Fed governors, that we have all of them behind this decision to keep rates low."
With high unemployment and bank lending still weak, Ablin added, "I think the Fed is taking a very realistic view. There certainly is a lot of stimulus in the system, but also a lot of slack."
The Fed also announced another cautious move toward eventually pulling back from its unusual interventions in financial markets to keep the economy from collapsing. The Fed is about two-thirds of the way through its previously announced plan to buy as much as $1.25 trillion of government agency mortgage-backed securities by the end of this year.
On Wednesday, the central bank said it would buy the full $1.25-trillion amount but would "gradually slow these purchases" until they are completed next March, along with another program to buy $200 billion in agency debt.
"The mortgage market has gotten a reprieve, and mortgage rates may stay low going into the spring of next year," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi in New York.
But, he added, "there might be some fear that rising interest rates next spring when the Fed stops buying mortgages could put the kibosh on the recovery."
The purchases of mortgage bonds issued by government agencies have helped push down the cost of home loans. They also have made the Fed, in effect, the principal source of financing for the housing market and have contributed to a ballooning of the central bank's balance sheet. Some analysts fear that the Fed's programs are supplying the economy with too much cheap money that will lead to spiraling inflation.
The Fed's plan to wind down the purchases of mortgage-backed securities indicates a stronger confidence in the housing market as the central bank seeks to shift the financing back to the private sector.
Yet it also buys the agency time, said G.U. Krueger, an economist at HousingEcon.com, a research and consulting firm in Los Angeles.
"They're hedging their bets a little bit, keeping their options open in case the market falls again," Krueger said.
With the economy showing signs of improvement, the Fed has come under increasing pressure to address the question of an "exit strategy" for its lending programs.
"The exit strategy will become the focal point of future policy deliberations," California State University economist Sung Won Sohn said in a research note. "After all, a firefighter's first rule of survival is 'Know your way out.' "
The Fed policy-setting panel's next meeting is Nov. 3-4.
don.lee@latimes.com
Friday, September 25, 2009
Ramon: Anzalduas International Bridge should be open before end of year
Ramon: Anzalduas International Bridge should be open before end of year
By Steve Taylor
McALLEN, Sept. 25 - McAllen Bridge Director George Ramon will be going to Washington, D.C., next week with Mayor Richard Cortez to see if he can get a firm date for the opening of the Anzalduas International Bridge.
“We will be talking to the U.S. Department of State and other agencies, trying to set up a date,” Ramon said.
“Hopefully, it will open before year's end. We are working with the appropriate federal agencies and stakeholders to bring this project online sometime in December. It behooves us to have this project ready to start operations when the busiest time for crossings is and that’s November and December.”
Ramon made his remarks in an insightful speech to the Rio Grande Valley-Tamaulipas Bi-National Chambers of Commerce group at the McAllen Chamber of Commerce offices on Thursday.
Giving the keynote address, Ramon spoke about Anzalduas Bridge and the importance of free trade for the Valley and northern Mexico. “Free trade is about breaking down the barriers and that is what NAFTA has done. It was worked,” Ramon said.
While many people think of free trade as a modern concept, because the North American Free Trade Agreement only started in 1994, its origins in Latin America go back at least 150 years, Ramon said.
He paid tribute to free trade pioneers of the 19th century, such as Benito Juárez of Mexico, Simón Bolívar of Venezuela, and José Martí of Cuba. “Their vision was free trade for the Americas,” Ramon said.
Free trade did not happen as quickly as it should have, Ramon said, not because of the complexity of the issue but because of a lack of trust. “The physiological barriers were there 150 years ago,” he said.
The advent of NAFTA, however, has created the largest trading bloc in the world, Ramon said. “Free trade has helped the border economies on both sides of the river,” he said.
In 2008, two-way trade between the U.S. and Mexico was valued at $340 billion, Ramon said. Of this, 80 percent went through Texas and a large part of it went through South Texas. “Trade has increased and the barriers have come down,” he said.
The big problem now, Ramon said, is the port of entries themselves. “Why? Because they are very congested and obviously the events of 9/11 have forced a more dramatic review of people, goods and documents coming into the country, hence the need for new border crossings,” Ramon said.
Ramon joked that he learned the art of patience while working on the Anzalduas International Bridge project. He said he started work on it when his oldest son was in first grade elementary school. That son is now in his third year of college. “It’s been a rather costly, somewhat cumbersome, process but we are here and very near completion of the project,” he said.
The City of McAllen is the managing partner in the Anzalduas bride project. The cities of Mission, Hidalgo and Granjeno are also involved. The City of McAllen has invested $42 million, Ramon said, the federal government $25.5 million, and the state of Texas $28.5 million, not including ancillaries such as utilities, drainage and in-kind contributions. “So, we are looking at well in excess of $100 million in capital investment to benefit the region,” Ramon said.
From the border station on the U.S. side to the border station on the Mexican side, the distance is 3.2 miles. Ramon said the bridge has been designed specifically to facilitate trade. It will have Radio Frequency Identification (RFID) technology that allows scanners to read laser visas, passports and other entry documents from a distance. It will also have a SENTRI lane, which is a dedicated commuter lane for low risk travelers.
“What we are trying to do is take away some of that congestion from other bridges so as to allow a more efficient flow of goods and people across our bridges. I would like to say this is the port of the future,” Ramon said. “We are going to have the latest and the greatest technology out there. The crossing-the-border experience is going to be much easier.”
Ramon said McAllen city leaders do not necessarily view Anzalduas as a revenue generating bridge in terms of toll collections. “What’s important to us is that it be a trade facilitator. It’s what happens beyond the bridge that’s important to the development of our communities and that’s how we view it,” he said. “This is not just for McAllen. It is for Reynosa, Monterrey, and beyond.”
Ramon added that the construction of Anzalduas International Bridge was yet another example of McAllen “doing something with a regional vision.” He pointed to the expansion of the airport and the local hospitals and the construction of the new convention center as further examples of this regional approach.
“We are doing something not even in our own town, it’s in another city (Mission), just like the bridge we own in Hidalgo (is not in our city). The vision has always been one to improve the border economy and improve the quality of life,” Ramon said.
By Steve Taylor
McALLEN, Sept. 25 - McAllen Bridge Director George Ramon will be going to Washington, D.C., next week with Mayor Richard Cortez to see if he can get a firm date for the opening of the Anzalduas International Bridge.
“We will be talking to the U.S. Department of State and other agencies, trying to set up a date,” Ramon said.
“Hopefully, it will open before year's end. We are working with the appropriate federal agencies and stakeholders to bring this project online sometime in December. It behooves us to have this project ready to start operations when the busiest time for crossings is and that’s November and December.”
Ramon made his remarks in an insightful speech to the Rio Grande Valley-Tamaulipas Bi-National Chambers of Commerce group at the McAllen Chamber of Commerce offices on Thursday.
Giving the keynote address, Ramon spoke about Anzalduas Bridge and the importance of free trade for the Valley and northern Mexico. “Free trade is about breaking down the barriers and that is what NAFTA has done. It was worked,” Ramon said.
While many people think of free trade as a modern concept, because the North American Free Trade Agreement only started in 1994, its origins in Latin America go back at least 150 years, Ramon said.
He paid tribute to free trade pioneers of the 19th century, such as Benito Juárez of Mexico, Simón Bolívar of Venezuela, and José Martí of Cuba. “Their vision was free trade for the Americas,” Ramon said.
Free trade did not happen as quickly as it should have, Ramon said, not because of the complexity of the issue but because of a lack of trust. “The physiological barriers were there 150 years ago,” he said.
The advent of NAFTA, however, has created the largest trading bloc in the world, Ramon said. “Free trade has helped the border economies on both sides of the river,” he said.
In 2008, two-way trade between the U.S. and Mexico was valued at $340 billion, Ramon said. Of this, 80 percent went through Texas and a large part of it went through South Texas. “Trade has increased and the barriers have come down,” he said.
The big problem now, Ramon said, is the port of entries themselves. “Why? Because they are very congested and obviously the events of 9/11 have forced a more dramatic review of people, goods and documents coming into the country, hence the need for new border crossings,” Ramon said.
Ramon joked that he learned the art of patience while working on the Anzalduas International Bridge project. He said he started work on it when his oldest son was in first grade elementary school. That son is now in his third year of college. “It’s been a rather costly, somewhat cumbersome, process but we are here and very near completion of the project,” he said.
The City of McAllen is the managing partner in the Anzalduas bride project. The cities of Mission, Hidalgo and Granjeno are also involved. The City of McAllen has invested $42 million, Ramon said, the federal government $25.5 million, and the state of Texas $28.5 million, not including ancillaries such as utilities, drainage and in-kind contributions. “So, we are looking at well in excess of $100 million in capital investment to benefit the region,” Ramon said.
From the border station on the U.S. side to the border station on the Mexican side, the distance is 3.2 miles. Ramon said the bridge has been designed specifically to facilitate trade. It will have Radio Frequency Identification (RFID) technology that allows scanners to read laser visas, passports and other entry documents from a distance. It will also have a SENTRI lane, which is a dedicated commuter lane for low risk travelers.
“What we are trying to do is take away some of that congestion from other bridges so as to allow a more efficient flow of goods and people across our bridges. I would like to say this is the port of the future,” Ramon said. “We are going to have the latest and the greatest technology out there. The crossing-the-border experience is going to be much easier.”
Ramon said McAllen city leaders do not necessarily view Anzalduas as a revenue generating bridge in terms of toll collections. “What’s important to us is that it be a trade facilitator. It’s what happens beyond the bridge that’s important to the development of our communities and that’s how we view it,” he said. “This is not just for McAllen. It is for Reynosa, Monterrey, and beyond.”
Ramon added that the construction of Anzalduas International Bridge was yet another example of McAllen “doing something with a regional vision.” He pointed to the expansion of the airport and the local hospitals and the construction of the new convention center as further examples of this regional approach.
“We are doing something not even in our own town, it’s in another city (Mission), just like the bridge we own in Hidalgo (is not in our city). The vision has always been one to improve the border economy and improve the quality of life,” Ramon said.
Thursday, September 24, 2009
McAllen Launches New Marketing Web Site | McAllen, TX in the Rio Grande Valley
McAllen launches new marketing Web site
Rio Grande Guardian Staff
Photo by RGG/Steve Taylor
McALLEN, Sept. 24 - The City of McAllen, the McAllen Chamber of Commerce and the McAllen Economic Development Corporation have launched a new Web site to assist visitors and residents with key information about entertainment, recreation, and business.
The Web site address is http://www.exploremcallen.com/.
McAllen Mayor Richard Cortez said that with the launch of the Web site, local nightlife, art and culture, entertainment, shopping, and restaurants are only a “click” away.
“This is only the first step for opening the front doors to our community to residents across the region and parts of northern Mexico,” Cortez said. “I invite residents and visitors to view the site at their convenience. McAllen is a vibrant American city on the border.”
Cortez said that as a growing, diverse city, McAllen’s entertainment offerings are ever expanding. This includes more parks and outdoors spaces, pro sports or new restaurants, stores and clubs, he said.
Having all the information about his bustling city located on one easy to navigate Web site is like one-stop shopping for visitors from around Texas and Mexico, Cortez said. In addition, McAllen residents will be able to use the site to find things to do with their families or when they get out of town visitors, the mayor said.
The Web site has been under development for several weeks and was designed by city staff.
“We wanted to make it as interactive as possible. This is only the first phase and we plan to continue to improve and add more features as the demand for information increases,” Cortez promised.
Rio Grande Guardian Staff
Photo by RGG/Steve Taylor
McALLEN, Sept. 24 - The City of McAllen, the McAllen Chamber of Commerce and the McAllen Economic Development Corporation have launched a new Web site to assist visitors and residents with key information about entertainment, recreation, and business.
The Web site address is http://www.exploremcallen.com/.
McAllen Mayor Richard Cortez said that with the launch of the Web site, local nightlife, art and culture, entertainment, shopping, and restaurants are only a “click” away.
“This is only the first step for opening the front doors to our community to residents across the region and parts of northern Mexico,” Cortez said. “I invite residents and visitors to view the site at their convenience. McAllen is a vibrant American city on the border.”
Cortez said that as a growing, diverse city, McAllen’s entertainment offerings are ever expanding. This includes more parks and outdoors spaces, pro sports or new restaurants, stores and clubs, he said.
Having all the information about his bustling city located on one easy to navigate Web site is like one-stop shopping for visitors from around Texas and Mexico, Cortez said. In addition, McAllen residents will be able to use the site to find things to do with their families or when they get out of town visitors, the mayor said.
The Web site has been under development for several weeks and was designed by city staff.
“We wanted to make it as interactive as possible. This is only the first phase and we plan to continue to improve and add more features as the demand for information increases,” Cortez promised.
Wednesday, September 23, 2009
No.1 - McAllen, Texas: Forbes’ “Best Mid-Sized Cities” for Job Seekers
Midwest cities great for job seekers
By David Balinsky
Forum Columnist
Share this article Published: Wednesday, September 23, 2009
Overall, Texas dominated the list, but Oklahoma found a spot on the list, as well.
Six Midwest cities found themselves on Forbes’ list for the ten best large cities in America.
Overall, Texas dominated the list, but Oklahoma found a spot on the list, as well.
No. 6 - Oklahoma City - Oklahoma City jumped from 30th on last year’s list. Employment rose a meager 0.4 percent, but considering many large cities lost jobs, this is actually very good.
— Most promising sectors: natural resources, mining and construction
No.5 - Dallas, Texas - Dallas is one of those cities that experienced negative growth. However, it has lost only 0.1 percent employment over the past year. Wholesale and manufacturing are two sectors that led the contraction in employment.
— Most promising sectors: government, education and health services
No. 4 - Ft. Worth, Texas - The economy has slowed but not as much as cities in the Northeast and West coast.
— Most promising sector: transportation
No. 3 - San Antonio, Texas- Education and health care have done quite a bit to spare San Antonio from much of the problems seen in the rest of the country.
— Most promising sectors: health care and education
No. 2 - Houston, Texas- Houston seems to be one of the most stable cities in America. Many job sectors experienced slow and stable job growth despite the economic turmoil the rest of the country experienced.
— Most promising sectors: education, health care, mining, natural resources and wholesale
No. 1 - Austin, Texas - Austin’s job growth during the past year was effectively zero. However, job prospects in many different job sectors make it rate as the best large city in the nation.
Most promising sectors: education, health care, leisure and hospitality
Forbes’ “Best Mid-Sized Cities” ranks four Midwest Cities in the top ten.
Many of these cities have oil and mining supporting them through these tough times. Again, Oklahoma has a representative on this list.
No. 6 - Corpus Christi, Texas - Last year, Corpus Christi was 111th on Forbes’ list. This year oil and construction have helped give it a boost.
— Most promising sectors: natural resources, mining and construction
No. 5 - Kansas City, Kan. - In 2008, Kansas City lost only 600 jobs. This stability is due to everything from oil to business services.
— Most promising sectors: natural resources, business services and government
No. 2 - Tulsa - Oil is usually the first thing most people think of when Tulsa comes to mind. However, Tulsa has found itself in great shape in many different sectors. Business services, health, education and government have all experienced double digit growth over the past year.
— Most promising sectors: natural resources, business services, health, education and government
No.1 - McAllen, Texas - Education and health care grew almost 50 percent over the past five years. Government also employs about a quarter of the population.
— Most promising sectors: health, education and government
By David Balinsky
Forum Columnist
Share this article Published: Wednesday, September 23, 2009
Too often, recent graduates look to cities such as New York, Boston, and Los Angeles to find jobs thinking these locales have a plethora of opportunities.
This year, however, east and west coast cities are not the places to look. Looking closer to home might likely prove more fruitful, according to Forbes. In two lists, one for large cities and another for mid-sized cities, Forbes.com lists the best cities for jobs in 2009.
Overall, Texas dominated the list, but Oklahoma found a spot on the list, as well.
Six Midwest cities found themselves on Forbes’ list for the ten best large cities in America.
Overall, Texas dominated the list, but Oklahoma found a spot on the list, as well.
No. 6 - Oklahoma City - Oklahoma City jumped from 30th on last year’s list. Employment rose a meager 0.4 percent, but considering many large cities lost jobs, this is actually very good.
— Most promising sectors: natural resources, mining and construction
No.5 - Dallas, Texas - Dallas is one of those cities that experienced negative growth. However, it has lost only 0.1 percent employment over the past year. Wholesale and manufacturing are two sectors that led the contraction in employment.
— Most promising sectors: government, education and health services
No. 4 - Ft. Worth, Texas - The economy has slowed but not as much as cities in the Northeast and West coast.
— Most promising sector: transportation
No. 3 - San Antonio, Texas- Education and health care have done quite a bit to spare San Antonio from much of the problems seen in the rest of the country.
— Most promising sectors: health care and education
No. 2 - Houston, Texas- Houston seems to be one of the most stable cities in America. Many job sectors experienced slow and stable job growth despite the economic turmoil the rest of the country experienced.
— Most promising sectors: education, health care, mining, natural resources and wholesale
No. 1 - Austin, Texas - Austin’s job growth during the past year was effectively zero. However, job prospects in many different job sectors make it rate as the best large city in the nation.
Most promising sectors: education, health care, leisure and hospitality
Forbes’ “Best Mid-Sized Cities” ranks four Midwest Cities in the top ten.
Many of these cities have oil and mining supporting them through these tough times. Again, Oklahoma has a representative on this list.
No. 6 - Corpus Christi, Texas - Last year, Corpus Christi was 111th on Forbes’ list. This year oil and construction have helped give it a boost.
— Most promising sectors: natural resources, mining and construction
No. 5 - Kansas City, Kan. - In 2008, Kansas City lost only 600 jobs. This stability is due to everything from oil to business services.
— Most promising sectors: natural resources, business services and government
No. 2 - Tulsa - Oil is usually the first thing most people think of when Tulsa comes to mind. However, Tulsa has found itself in great shape in many different sectors. Business services, health, education and government have all experienced double digit growth over the past year.
— Most promising sectors: natural resources, business services, health, education and government
No.1 - McAllen, Texas - Education and health care grew almost 50 percent over the past five years. Government also employs about a quarter of the population.
— Most promising sectors: health, education and government
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