The proposed package includes grants, fee waivers and long-term property tax rebates<\/p>\n
A multibillion-dollar corporate relocation that will reshape Plano\u2019s Legacy District is now entering a critical decision stage.<\/p>\n
City leaders are preparing to vote on a major incentive package tied to AT&T\u2019s planned move<\/a> to the Legacy District, a proposal that would reshape a historic corporate campus and anchor thousands of jobs in the city for decades to come.<\/p>\n A $20 Million Incentive Proposal<\/p>\n Plano City Council is scheduled to consider two economic development agreements on Feb. 23<\/a> that would provide up to $20 million in incentives to support the company\u2019s relocation.<\/p>\n The proposed package includes a combination of grants, fee waivers and long-term property tax rebates designed to help offset development costs tied to the massive project.<\/p>\n In exchange, the telecom giant would take on significant obligations. City documents<\/a> outline requirements that include building at least 2 million square feet of space and investing a minimum of $1.35 billion into construction.<\/p>\n The company would also need to establish<\/a> operations at the site by Dec. 31, 2029, while creating, transferring or retaining up to 10,000 full-time equivalent jobs.\u00a0The job creation grant would be distributed in stages tied to hiring milestones. The company could receive $4 million for sustaining its first 4,000 positions, another $4 million if it reaches 8,000 jobs by the end of 2034, and up to $2 million more if employment grows to 10,000 by the end of 2039.<\/p>\n A key piece of the proposal is a 65% property tax rebate that would last 25 years. Under the agreement, AT&T could choose to begin that rebate period in 2029, 2030 or 2031. If the company purchases the property during that timeframe, it could qualify for a 10-year extension \u2014 though the rebate rate would drop to 25% during the extension period.<\/p>\n A Transformational Campus Project<\/p>\n