Toyota received a nearly $6.8 million grant from the city in 2014 through an incentive agreement for the construction of its Plano campus, with stipulations to add and maintain up to 3,650 full-time positions at the location.
Minor changes in the agreement's language approved March 16 by Plano City Council accommodate hybrid working models, site optimization and growth within the company, said Sally Bane, economic development director for the city of Plano. Instead of requiring the full-time positions to be located on the property, the revisions require that payroll be located at the property and that employees live within the 11-county Dallas-Fort Worth-Arlington Metropolitan Statistical Area, Bane shared via email.
A separate agreement in 2014 gave Toyota a 50% tax exemption for 10 years from the city of Plano in exchange for land improvements beginning in 2028. The incentive agreement's revision will not affect the tax rebate, according to Bane.
Council issued compliance waivers last fall for any active incentive agreements connected to commercial or retail projects through the end of this year. At this time, the city does not know whether other agreements will need to be reviewed, Bane said.
