Plano Officials Voting On Toyota Incentive Plan
PLANO (CBSDFW.COM) - The big incentive package that lured Toyota to North Texas could get the green light on Monday. Landing the deal came down to more than the promise of good schools, but now city officials have to approve it. Toyota will get upwards of $6.5 million total. The site has been selected. The announcement has been made. It just needs to become official.
By moving from California into the Legacy Business Park, the company is expected to generate much more to the tax rolls.
The cash incentive plan is broken up into four grants through 2017 and 2018. Toyota will get about $3 million for bringing the first 200,900 jobs and another $900,000 for relocation fees. Add $2 million more in reimbursements for things like building inspections and permit fees. Finally, the company gets another $750,000 when they bring the remaining 750 jobs to town by the end of 2018.
"Really, that incentive is just a small token, if you will, to help lure that company," said Plano Chamber of Commerce president Jamee Jolly, "but definitely the winner in all of this will be the City of Plano and our local region."
"I always have to pay the taxes, but you do have to do that to get businesses that size to come here," said Plano resident Claire Vrana.
Once Toyota builds its new headquarters in the area, it will become a 100-acre reinvestment zone. The city plans to offer a 50 percent tax break on property values. "People are generally excited about it," said Lockhart Smokehouse owner Tim McLaughlin. "For us, it's more people that come and spend money in the area."
The selected location for Toyota's new headquarters is just two signals down the road from Frisco, one of the other North Texas cities expecting to see big growth as the automaker arrives. "It means a lot to Frisco because we've been trying to get on the national map for a lot of companies for quite some time now," said Mayor Pro-Tem Jeff Cheney. "Between the Cowboys relocating to Frisco and Toyota coming here, there's just a lot of buzz and energy around this area as well. So, when we go talk to these Fortune 50 companies, they're interested and want to talk to us."
All of this will be put to a Plano City Council vote on Monday night.
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