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Toyota's relocation drives incentive agreement with PlanoToyota's relocation drives incentive agreement with Planohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=42142014-05-14T14:57:00Z2014-05-13T00:00:00Z

PLANO - The City of Plano has approved an incentive deal based on Toyota developing a 1 million-sf campus at the northwest corner of Legacy Dr. and Headquarters Dr. The deal stipulates 2,900 employees must move into Toyota's new corporate campus by 2017.

The package includes a ten-year, 50 percent tax abatement on the $350 million of real and business personal property. Plano has also awarded a $6.75 million cash grant to Toyota.

By developing a new corporate campus, Toyota plans to add $300 million in real property improvements and $50 million of business personal property to West Plano.

Toyota's relocation is expected to have a $7.2 billion economic impact over the next decade in the region, according to Plano Mayor Harold LaRosiliere.

Along with the Toyota incentives, Plano is including a creation of a 100-acre reinvestment zone surrounding the Toyota corporate campus, which is expected to draw a number of Toyota suppliers and other corporate companies.

Plano's economic deal is in addition to the $40 million the company has already been awarded through the Texas Enterprise Fund, which is part of Governor Rick Perry's efforts to recruit and bolster business in the Lone Star State.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Economy
http://www.bizjournals.com/dallas/news/2014/05/12/plano-expected-to-pay-toyota-millions-for.htmlRead more at {Source}

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