\t\t\t\t\t\t\tAT&T\u2019s plan to relocate its global headquarters to Plano is moving into a new phase as city officials prepare to consider a package of economic incentives tied to the $1.35 billion redevelopment project.<\/p>\n
Plano City Council will consider two economic development agreements Feb. 23 that would offer $20 million in financial incentives to AT&T in exchange for establishing the company\u2019s global headquarters in Plano\u2019s Legacy District.<\/p>\n
\u201cAT&T\u2019s relocation represents a powerful reinvestment in the Legacy business district, building on an extraordinary foundation that has driven growth in Plano and our region for decades,” Plano Mayor John Muns said in a previous statement.<\/p>\n
If approved, the agreements would support the redevelopment of the former Electronic Data Systems campus<\/a>, marking Plano\u2019s first major corporate headquarters redevelopment project.<\/p>\n AT&T CEO John Stankey announced<\/a> Jan. 5 the company plans to relocate its global headquarters to a new 54-acre campus at 5400 Legacy Drive, which is part of the Electronic Data Systems campus at Parkwood Boulevard and Legacy Drive.<\/p>\n Breaking it down<\/p>\n Under the proposed agreements, the city would offer a mix of grants, fee waivers and long-term property tax rebates.<\/p>\n In return, AT&T would be required to build at least 2 million square feet of space and invest a minimum of $1.35 billion in construction costs, according to city documents.<\/p>\n Additionally, AT&T would be required to occupy the new building by Dec. 31, 2029 and create, transfer or retain up to 10,000 full-time equivalent jobs.<\/p>\n If those benchmarks are met, AT&T would become Plano\u2019s second-largest employer<\/a>, just behind JPMorgan Chase.<\/p>\n Zooming in<\/p>\n The first agreement<\/a> would provide up to $20 million in city-funded grants, including $10 million for the redevelopment and $10 million tied to job creation.<\/p>\n According to city documents, the job creation grant would be awarded in phases as employment benchmarks are met, including:<\/p>\n $4 million for maintaining the first 4,000 jobs$4 million for reaching 8,000 jobs by the end of 2034Up to $2 million for reaching 10,000 jobs by the end of 2039The second agreement<\/a> details a 65% property tax rebate that would last for 25 years. AT&T could choose to begin the rebate period Jan. 1 of 2029, 2030 or 2031, according to city documents.<\/p>\n City documents note that if AT&T purchases the property during the 25-year period, the company would qualify for a 10-year extension of the tax rebate, but the rebate rate would drop from 65% to 25% during that period.<\/p>\n