\u201cOpportunity\u2019s address is now Y\u2019all Street,\u201d he said.<\/p>\n
Abbott also stated about the company\u2019s decision, \u201cWe welcome Morgan Stanley\u2019s expanded investment in Texas, where the depth of talent and access to America\u2019s rapidly expanding financial center attracts the world\u2019s leading brands across industries.\u201d<\/p>\n
The TEF grant offered to the company is one of the largest in Texas history, according<\/a> to reporting by the Dallas Business Journal.<\/p>\n The city offered the company a tax abatement on business equipment for the establishment equal to 90 percent of its value, along with an $18.5 million economic development grant.<\/p>\n According to a press release from Dallas Mayor Eric L. Johnson emailed to The Texan, the Dallas City Council approved the incentive agreement on June 24. The policy authorizes a 90 percent tax abatement on business equipment for five years in Phase 1 of the project and for 10 years in Phase 2, and includes an economic development grant \u201cup to $18.5 million based on actual jobs created with the project.\u201d<\/p>\n Johnson also stated the hub would bring in $1.3 billion in capital.<\/p>\n TEF grants<\/a> are \u201cdeal-closing\u201d grants awarded to companies seeking to establish institutions in Texas, but considering other states for their builds. The grants serve as a financial incentive for companies that would contribute \u201csignificant capital investment and new employment opportunities to the state\u2019s economy,\u201d according to the Texas Economic Development & Tourism Office.<\/p>\n Other recent TEF projects from Fiscal Year 2026\u20132027 include a major grant<\/a> to Saronic Technologies in Brownsville of $80 million and an offering<\/a> to Eli Lilly and Company Pharmaceuticals in Houston of $5.5 million.<\/p>\n The Veteran Created Job Bonus<\/a> falls under Texas\u2019 TEF and requires companies to be paid an additional $1,000 for each \u201cjob filled by a veteran during the first year of job creation.\u201d<\/p>\n \u201cY\u2019all Street\u201d continues to expand its operations; the recent opening of the Texas Stock Exchange<\/a> (TXSE) marked a leap forward in Dallas\u2019 financial services industry. Last year, the New York Stock Exchange officially opened<\/a> a Texas-based exchange and was joined by Nasdaq<\/a> in attempts to compete with the TXSE.<\/p>\n Securities exchanges are not the only institutions flocking to North Texas\u2019 friendly financial climate; Goldman Sachs is currently building<\/a> its largest hub outside of New York City in Dallas.<\/p>\n Dallas officeholders commented on Morgan Stanley\u2019s new Texas hub, with Johnson stating, \u201cThis investment reflects what we have worked hard to build in Dallas: a safe, business-friendly, opportunity-rich city.\u201d<\/p>\n He was joined in celebration by Dallas County Judge Clay Lewis Jenkins, who called the investment a \u201ctransformative move\u201d and said, \u201cThe financial world is taking notice of what we\u2019re building here.\u201d<\/p>\n Not all Texas officials were excited about the news, however, with several criticizing the tax abatement deal.<\/p>\n Democratic gubernatorial candidate and state Rep. Gina Hinojosa (D-McAllen) was critical<\/a> of the business incentives given to the company, calling the move a \u201cgrift\u201d on X and adding, \u201cEnd corporate welfare and cut property taxes for Texas families.\u201d<\/p>\n Republican state Rep. Brian Harrison (D-Midlothian) joined<\/a> the criticism, adding, \u201cMorgan Stanley does not need $44 MILLION of my constituents\u2019 hard-earned money!!!!\u201d Harrison represents part of Dallas in Texas House District 10.<\/p>\n
\n <\/a>
\n <\/a><\/p>\n