Toyota Now Texan After Multi-Million $ Incentive Package Approved
COLLIN COUNTY (CBSDFW.COM) - Toyota is now Texan. Monday night Plano approved the largest incentive package in the city's history. Now CBS 11 News has learned more about what the biggest economic development in the city will mean for residents.
Nearly a dozen representatives of Toyota were on the front row at Monday night's city council meeting. It was there that Plano Mayor Harry LaRosiliere called for a series of votes that made it official. "Welcome home Toyota," he said.
The city council approved rezoning the land off the Dallas Tollway and Highway 121 for Toyota's new North American headquarters. Leaders also gave a thumbs up to giving Toyota $6.7 million and 20 years of big tax breaks.
No one spoke out against the incentive plan, which city officials insist will pay off.
Sally Bain, with the Plano Chamber of Commerce, said, "It's phenomenally exciting!"
Mayor LaRosiliere released new numbers that have the projected economic benefit to the city at $7 billion over just 10 years. The move will also generate 760 new jobs, and possibly more if some of the nearly 3,000 employees in California choose not to relocate.
City officials expect local retailers to benefit and home values to rise as a result of Toyota's move.
"Those numbers are staggering," LaRosiliere explained. "It's so much more than what they bring. Their families will be here. Their kids are going to play soccer and baseball with us. They are going to be terrific citizens that make Plano the city of excellence."
Toyota released a statement saying it evaluated 100 locations across the country, but chose Plano because of the cost of living and housing, low taxes and direct travel available to and from Japan where it's world headquarters is based.
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