North Texas officials have approved a $6.75 million incentive package for Toyota as the automaker prepares to move its U.S. headquarters from California to Texas.
The Plano City Council OK'd the package Monday, paving the way for a $350 million campus that will house some 3,650 employees in the suburb north of Dallas.
The approval comes just weeks after Toyota announced it will consolidate its corporate, manufacturing, marketing and sales operations in Plano.
The new headquarters will be located at the corner of the Sam Rayburn Tollway and Legacy Drive.
Toyota must meet a series of timetables to receive the Plano incentives. For instance, the company will receive $2.9 million if it completes a 1 million-square-foot building and transfers at least 2,900 jobs by December 2017.
Plano, in turn, will receive $70 million in property tax and sales tax revenues in the first 10 years.
In addition to Plano's incentive package, the state of Texas is giving Toyota $40 million in public money through the Texas Enterprise Fund.