As Samsung plans to ship more than 1,000 employees to a new Plano office, the Plano City Council on Monday approved a $1.8 million economic incentive agreement for the corporation.
Samsung is expected to consolidate two of its offices—one in Richardson and another in Plano—into one location at the old Texas Instruments campus near the intersection of US 75 and Legacy Drive, which is being redeveloped into a new mixed-use development named Legacy Central.
The incentive agreement to go before the council cites Samsung’s plans to add $10 million in property improvements and $5 million in “business personal property” as two of the primary reasons for offering the incentive.
Samsung is expected to rent 215,000 square feet of office space and transfer or create 1,400 jobs over the next three years, according to the document.
“Legacy Central is an ideal location for our Texas employees,” Alejandro Rivero, the director of corporate real estate for Samsung Electronics America, said in a company news release. “We believe that bringing our teams together will foster collaboration, connectivity and well-being. The technology-oriented and amenity-rich campus has been designed to promote productivity and supports the key values we share at Samsung both in the U.S. and globally.”
The developers of Legacy Central announced in February it had landed tenants Roland Technology Group and The 20, who are expected to lease a combined 22,761 square feet of office space.
Editor’s note: This post has been updated to reflect the results of the vote.