An incentive agreement between the city of Plano and JPMorgan Chase Bank was revised with Plano City Council approval April 6.
The revisions, which allow for more location flexibility for company employees, follow the same pattern as those made to an incentive agreement with Toyota Motor North America in March.
Minor changes were made to the agreement's language to 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 said in an email after the first incentive agreement was approved in March. A member of the economic development staff confirmed that the same changes were made to the JPMorgan agreement with the same objective in mind.
A roughly $5 million grant between the city and JPMorgan was established in 2016 through an incentive agreement for its Plano campus, with stipulations to add and maintain up to 4,800 full-time positions there.
Council issued compliance waivers last fall for any active incentive agreements connected to commercial or retail projects through the end of this year. City officials do not know whether other agreements will need to be reviewed, Bane said prior to the second agreement’s adjustment.