Dallas City Council Considers Offering Millions in Economic Incentives to Scotiabank
Dallas City Council is considering offering millions in economic incentives to entice a Canadian banking powerhouse to set local roots.
Scotiabank, formally The Bank of Nova Scotia, is one of Canada’s largest banks and among the largest financial institutions in the world.
About Scotiabank
Scotiabank offers personal, commercial, corporate and investment banking to 25 million customers across 30 countries. The bank is a major player in the global financial industry, with a strong presence in Canada and a growing footprint in the United States.
Economic Incentives
On Wednesday, Dallas City Council will vote on an incentive agreement with Scotiabank for a new Dallas regional office, including a 10‑year property tax abatement and up to $2.7 million in economic development grants.
In exchange, the bank will take space at a 100,000-square-foot property at 2601 Victory Ave. in Dallas’ Victory Park neighborhood, creating over 1,025 jobs, at least 25% of which must be Dallas residents.
Special Designations and Tax Refunds
The city is additionally considering heaping multiple special designations on the parcel selected for Scotiabank that will entitle it to more economic incentives, including state tax refunds.
To qualify for the incentives, average wages at Scotiabank’s Dallas digs would have to top $135,000.
Community Benefits
The city’s proposed agreement also stipulates Scotiabank would be required to provide internships or apprenticeships to students at Dallas College. It would also be required to pick another partner from either Paul Quinn College, UNT‑Dallas, Dallas ISD or Richardson ISD.
Competition with Charlotte, N.C.
The agreement justifies the economic incentives being offered by noting the city is competing with Charlotte, N.C. for Scotiabank’s regional office hub.
A Growing Roster of Global Financial Powerhouses
If Scotiabank decides to make Dallas its American hub, its name will be added to a growing roster of global financial powerhouses with firm local roots.
Other players include Goldman Sachs, the New York Stock Exchange and the newly minted Texas Stock Exchange, to name a few.
Conclusion
In conclusion, the Dallas City Council is considering offering significant economic incentives to Scotiabank to entice the Canadian banking powerhouse to set up a regional office in Dallas. The proposed agreement includes a 10-year property tax abatement, up to $2.7 million in economic development grants, and requires the bank to create over 1,025 jobs and provide internships or apprenticeships to local students.
Frequently Asked Questions
Q: What is Scotiabank?
A: Scotiabank is a Canadian banking powerhouse and one of the largest financial institutions in the world, offering personal, commercial, corporate and investment banking to 25 million customers across 30 countries.
Q: What are the economic incentives being offered to Scotiabank?
A: The Dallas City Council is considering offering a 10-year property tax abatement and up to $2.7 million in economic development grants to Scotiabank to entice the bank to set up a regional office in Dallas.
Q: How many jobs will Scotiabank create in Dallas?
A: According to the proposed agreement, Scotiabank will create over 1,025 jobs in Dallas, with at least 25% of those jobs going to Dallas residents.
Q: What are the community benefits of the proposed agreement?
A: The proposed agreement requires Scotiabank to provide internships or apprenticeships to students at Dallas College and to partner with another local educational institution.
