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Plano to vote on Toyota US headquarters agreement

- Associated Press - Friday, May 9, 2014

PLANO, Texas (AP) - The city of Plano is scheduled to vote on an agreement with Toyota on Monday that moves the automaker's U.S. headquarters to the Dallas suburb.

The city proposes a 100-acre reinvestment zone and a 10-year, 50 percent rebate on property taxes.

The Dallas Morning News reports (http://bit.ly/1odcu4S ) that in exchange, Toyota will agree to occupy at least 1 million square feet of office space and have up to 3,650 by Dec. 31, 2018.

Toyota announced last month that it was moving its U.S. headquarters from California to Texas. Gov. Rick Perry said that Texas offered the company $40 million in incentives from the taxpayer-funded Texas Enterprise Fund. Toyota plans to break ground in Plano, about 25 miles north of Dallas, this year.

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Information from: The Dallas Morning News, http://www.dallasnews.com

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