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Pharr, Texas – The City of Pharr has been in the news recently regarding certain fiscal losses reported in an annual audit report, which was presented during the Pharr Economic Development Corporation (PEDC) meeting that took place on Monday, April 18, 2016. During the presentation, a question was asked in reference to a fiscal loss that was noted in the audit report. The report recorded a loss of nearly $6.5 million, this year alone, on the value of the land for two City projects – the Pharr Produce Park and the Jackson Retail Project. While this report raised questions and concerns among Pharr officials and the public, and local news media, this is not the first time the loss has been publicly reported. In fact, the total loss for the project to date is approximately $14 million.
In the interest of full public disclosure and transparency, the City of Pharr will hold a press conference to clarify the situation regarding these projects and the fiscal losses on the value of the land. The press conference will be held at 10 am on Tuesday, April 26, 2016, at Pharr City Hall (118 S. Cage, 2nd Floor in Pharr). 
Mayor Ambrosio Hernandez’s position as Mayor and PEDC Chairman is to be transparent with the public. Since 2011, the City of Pharr began working on two major City projects, the Jackson Retail Project and the Pharr Produce Park. Since the projects began in 2011, the losses on the value of the land have been nearly $14 million, and $6.5 million is the loss for the previous fiscal year – $3 million loss on the Produce Park Project and nearly $11 million on the Jackson Retail project.  The losses are the result of the cost of the land that was purchased along with infrastructure costs compared to the land’s market value. 
Please be advised that this is not a criticism of the previous administration’s decisions, but a clarification on the facts of the timeline of these projects that were approved by the previous administration and that have been inherited by the current administration. While the losses are substantial in nature, the city remains in good fiscal health, and Pharr’s future looks bright. It is the current administration’s position to make the best of the situation, and moving forward, to use market research and other data to make informed decisions in the best interest of the city and not repeat mistakes that result in such major losses. Furthermore, the current administration wants the public to remain as aware and informed as possible regarding major projects such as these in the future.
At the press conference, city officials will be on hand to discuss, explain, and clarify the situation. After a brief presentation regarding the projects, officials will be available to answer questions. 
All public and the media are invited to attend the press conference.
WHAT: Public Press Conference – Economic Development Projects
WHEN: Tuesday, April 26, 2016 at 10 am
WHERE: Pharr City Hall (118 S. Cage, 2nd Floor, Pharr, TX)
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