Plano City Council approved an economic incentive package totaling over $2.4 million during its Feb. 12 meeting. The company currently operates several manufacturing facilities within Asia , according to a city news release.
The overview
Sysgration’s new building will be located at 3724 E. Plano Parkway, according to city documents. To receive the incentive, the company will make at least $16 million in real property improvements, per the agreement.
The terms of the agreement also require the creation of at least 124 full-time equivalent positions by Dec. 31, 2027 and 152 full-time equivalent positions by the end of 2029, according to the agreement. Sysgration is expected to occupy around 98,000 square feet of office space along Plano Parkway.
“The Plano facility will be operated under state-of-the-art automated processes to expand Sysgration’s services to worldwide customers with high quality products,” Sysgration Chairman Mark Lee said in the news release.
Digging deeper
The company will receive $2 million from the city to help finish out the new office space with up to $115,175 covering any necessary costs for permits and other fees. The remaining amount for the grant is tied to the two job thresholds, per the agreement.
Once the company creates 124 positions, it is eligible to receive $235,600, with up to $53,200 available for having 152 jobs on site.
“We are excited to welcome Sysgration to Plano and look forward to the positive impact they will have on our community and the opportunities it will create for collaboration,” Mayor John Muns said in the release.
What’s next?
Sysgration is expected to move into the property in 2025, per the news release.
