Plano City Council unanimously approved a $5 million economic incentive package for JPMorgan Chase at its regular Jan. 25 meeting. The agreement also include a 10-year tax abatement starting in 2018. JPMorgan Chase plans to occupy about 800,000 square feet of office space in the Legacy West development at SH 121 and Leadership Drive, according to the city council’s agenda packet. The first group of employees is expected to start moving to Plano the second half of 2017, JPMorgan Chase spokesperson Greg Hassell said. “It will also reduce the company's operating costs in the Dallas-Fort Worth market—savings we will reinvest in our strategic campuses to provide the facilities, work environment and accommodations our employees need and deserve," Hassell said. The cash grant from the city to JPMorgan Chase will be given in multiple installments. The banking giant is expected to add $150 million in real property improvements and $70 million in business property to Plano, according to city documents. Hassell said the company hopes to move about 6,000 employees into the new office space. The complete move is expected sometime in 2018. “This will be a state-of-the-art campus to enhance productivity and pride designed to improve collaboration so that bankers can work together and come up with creative solutions,” Hassell said. “Bankers who work here will handle accounts for both consumers and businesses.” Construction on the site is expected to start later this year.