Plano OKs tax abatements for Liberty Mutual

PLANO – Plano City Council has approved millions of dollars in incentives for the construction of Liberty Mutual Insurance’s new Legacy Business Park office campus, which will house 4,000 or more workers.

The deal includes a $5.2 million in cash grants to the Boston-based insurance company plus ten-year tax abatements on half of the value of the $325 million office complex the company plans to build near the southwest corner of the Dallas North Tollway and SH 121.

“We want to welcome Liberty Mutual Insurance to Plano and 4,000 jobs to the community,” said Plano Mayor Harry LaRosiliere.

Developer KDC is building the more than 900,000-sf high-rise office project in the Legacy West development. It’s in the same area where Toyota Motor and FedEx Office are building new corporate campuses.

The first workers should start moving into the Liberty Mutual property in 2017.