McALLEN — The city of McAllen earned a ‘AAA’ bond rating for the construction and development of parking garages at La Plaza Mall.
In a statement, Mayor Jim Darling referred to McAllen’s rating outlook “as stable,” noting that the $5.1 million bond “reflects not only the strength of our retail economy here in McAllen, but also, the impact it has and will continue to have throughout the Rio Grande Valley.”
The two parking garages at La Plaza Mall are complete. One, a 740-space garage that connects to Macy’s, opened last December. The second, with 1,260 spots that connects to Dillard’s, opened in November.
McAllen is paying for the garages while La Plaza poured $50 million into a mall expansion, Darling has said, and called it a good deal for the city.
The bond rating was provided by S&P Global Ratings. “The city of McAllen’s role as a regional economic center in the Rio Grande Valley, resulting in very strong per capita retail sales,” was considered as a factor in determining the ‘AAA’ rating, according to S&P’s evaluation.
“This is a third party that evaluates bond issues,” City Manager Roel “Roy” Rodriguez said of S&P. “And they’re basically telling the world that these guys are selling their bonds and on top of it.”