700 jobs are heading to El Paso, and they will be what City and company officials say are 'high paying jobs.'

Pacific Union Financial, a nationally top-rated mortgage company, is expected to bring in those jobs over the next five years. The announcement was made on Monday morning during a special City Council meeting. Council vote din more than $300,000 in incentives, including tax and fee rebates over a 10 year period.

The jobs are expected to pay above the area's median income, and company officials say the expected wage is around $23 per hour, or about $48,500 per year. The median El Paso income is $20,000, but the median household income is $42,000, so it looks like they're using the median household income in their equation.

El Paso Mayor Dee Margo says we beatout several other cities to get Pacific Union Financial, including Costa Mesa, California and Phoenix, Arizona.

Pacific Union Financial is expected to move into the outgoing AT&T call center in East El Paso.

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