The Plano City Council will vote Monday on a historic economic incentive package to lure Toyota’s national headquarters from California to North Texas.
The Dallas Morning News reports the deal is the biggest incentive package in Plano’s history. And while the car company and the city have agreed on the deal, Plano’s seven elected city council members must still sign off on the terms.
The vote is scheduled for Monday at 7 p.m. during the council meeting.
According to the city, Plano will give Toyota four grants totaling $6.75 million to build its new corporate headquarters at the intersection of Legacy Drive and the Sam Rayburn Tollway. The grants would be awarded over four years as long as the company meets each of its obligations.
Those obligations are as follows, according to the city:
- Create or transfer 2,900 full time jobs and occupy a 1 milliion square-foot building by Dec. 31, 2017 to receive a grant worth $2.9 million.
- Company may submit relocation and occupancy expenses up to $900,000.
- Compnay may submit itemized costs paid by compnay to city for permit, building inpsection, engineering and planning fees up to $2 million.
- Create or transfer 750 full time jobs by Dec. 31, 2018, to receive a fourth grant worth $750,000.
The city is also offering up a 10-year, 50 percent property tax abatement for the world’s largest automaker once a reinvestment zone is approved by councilmembers.
Plano will also give the company a 50 percent rebate on taxes paid between 2027 and 2037.
The company plans on using local hotels and leasing temporary office space during construction. The automaker also said small groups of workers will begin moving to Plano this summer, though the majority of employees won’t move until the headquarters is complete in late 2016.
In addition to the local incentive package, the state of Texas is kicking in an additional $40 million in public money through the Texas Enterprise Fund.