At tonight’s McKinney City Council meeting, Council approved a 65 percent tax abatement, also known as a Chapter 380 agreement, with Independent Bank. The city announced July 27 that Independent Bank will build a $52 million corporate headquarters on 10.4 acres of land at the McKinney Corporate Center in Craig Ranch. According to the Chapter 380 agreement, Independent Bank will receive a 65 percent tax abatement on “business personal property and real property improvements” up to a maximum of $1.043 million from tax year 2020 to tax year 2029. Independent Bank, which will relocate its national corporate headquarters office to Craig Ranch, will build a minimum six-story building with 150,000 square feet, including a 750-space parking facility, according to the Chapter 380 agreement. The McKinney Economic Development Corp. also offered an economic incentive to Independent Bank based on it retaining 221 jobs and bringing up to 200 new jobs to the city, according to the news release from July 27. Construction on the corporate headquarters is expected to begin before May 1, 2018 and is anticipated to open sometime in 2019.