At its April 27 regular meeting, the Plano City Council unanimously approved a $5.2 million incentive deal with Liberty Mutual Insurance, solidifying its relocation to Legacy West.
"We just welcomed Liberty Mutual to Plano, and 4,000 jobs to our community," Plano Mayor Harry LaRosliere said, which was followed by applause.
The economic development incentive package includes 50-percent, 10-year tax abatements based upon $325 million in real property and $30 million in business personal property improvements – the cost of what it will take to create the company's nine-acre, 900,000 square-foot campus at Legacy West. The tax abatements will begin on Jan. 1, 2017 and Jan. 1, 2018, respectively, Plano Economic Development Director Sally Bane said.
State law requires a tax increment reinvestment zone, or TIRZ, be established to implement tax increment financing to help finance the cost of redevelopment. Taxes attributable to new improvements are set-aside in a fund to finance public improvements within the boundaries of the zone.
The Boston-based company joins Toyota North America and FedEx Office and Print Services in the Legacy West mixed-use development near the Dallas North Tollway and SH 121. The 240-acre mixed-use project is slated to open in late 2016 and will include a 265,000-square-foot complex for FedEx's and Toyota's headquarters.