Details Revealed On Plano Incentives That Lured Toyota
PLANO (CBS 11 NEWS) — The City of Plano has laid out the incentive plan they used to lure Toyota’s new headquarters to town.
The plan, which includes four separate grants for things like re-location fees and reimbursements, is worth about $6.5 million and will be paid out through 2017-2018, according to a city spokesman. City leaders are expected to vote on it at Monday’s council meeting.
Toyota is eligible to receive about $3 million for bringing 2,900 jobs to Plano by the end of 2017. They will also receive $900,000 in relocation costs and another $2 million in reimbursements for building inspection and permit fees.
The automaker will receive another $750,000 when it brings the remaining 750 jobs to North Texas. That should happen by the end of 2018.
According to city officials, the location of Toyota’s new home at Legacy Park in Plano will be designated as a re-investment zone in which the city will offer the company 50-percent of their property taxes for an undetermined amount of years. That is also up for a vote on Monday.
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