After weather-related construction delays, Liberty Mutual is expected to move in by the end of March, according to an updated incentive agreement Plano City Council approved Monday. The company had previously been expected to occupy the building by the end of 2017.
By the end of 2018, Liberty Mutual is expected to have at least 2,500 employees working in the Legacy West office, which would ultimately hold at least 4,000 by the end of 2020, according to the incentive agreement.
Liberty Mutual would receive $5.2 million in economic development grants if it meets the terms of the updated agreement. The company would also receive a property tax abatement equaling half of its assessed value over the next 10 years.
When completed, the Liberty Mutual office property is expected to be worth more than $350 million, the agreement says.
Other business: City renews downtown improvement district
The council also approved a five-year renewal of the downtown Plano public improvement district. The district designation, originally approved in 2014, would have expired at the end of December.
As part of the designation, property owners in downtown Plano pay a fee to support district-promotion efforts, including “beautification projects, special events and marketing,” according to a city memo. The city itself contributes at least $50,000 per year to the district.
Council members on Monday also rejected a proposal to create a new zoning category to accommodate extended-stay corporate lodging—a hybrid of apartment- and hotel-style uses.
In other business the council approved a $2.3 million bid to repair pavement and sidewalks along Legacy Drive. The project would span from Custer Road to K Avenue. Check communityimpact.com and the monthly print edition of Community Impact Newspaper in the coming weeks for more information about this upcoming project.