Caliber Bodyworks of Texas is planning an $11 million expansion of its corporate headquarters in Lewisville in the next two years after Lewisville City Council approved an economic development agreement with the business at a May 18 meeting.

Caliber Bodyworks of Texas has been headquartered in an 8,000-square-foot facility on Corporate Drive since 2011. Following approval of the agreement, the business is now set to relocate its headquarters to an 80,000-square-foot office space at 2941 Lake Vista Drive.

According to city officials, the corporation’s decision to keep its headquarters in Lewisville results in the retention of 125 jobs in Lewisville and the addition of 150 jobs during the expansion period. Its annual payroll will amount to $23 million.

In return for the company choosing to remain in Lewisville and expanding its headquarters, the city will give Caliber Bodyworks of Texas an annual grant equal to 50% of the city’s ad valorem property taxes collected for five years, according to the agreement. Over the five-year term, that would total an estimated $130,770, according to a city memo.

As part of the agreement, Caliber Bodyworks of Texas will also contribute funding each grant year to the city’s Community Support Grant Initiative, which funds community events, charitable contributions and more.