Dallas City Council Approves Incentive Package for Scotiabank
The Great White North is one step closer to setting up digs on Y’all Street. On Wednesday, Dallas City Council unanimously approved an economic incentive package aimed at enticing the Bank of Nova Scotia — operating as Scotiabank — to put down roots in Victory Park.
What’s in the Incentive Package?
While the council vote doesn’t mean Scotiabank landing in Dallas is a done deal, it heats up the competition on whether the Canadian Big Five banking institution will put up a marquis on Y’all Street — or in Charlotte, N.C. The incentives approved include a $2.7 million economic development grant doled out in 2028, 2029 and 2031, as well as a ten-year property tax break.
Benefits for the City
Special designations will also be bestowed on the 2.9-acre parcel selected for Scotiabank that will entitle it to other incentives, including state tax refunds. The terms include a $60 million capital investment in Dallas by Scotiabank, taking up a 100,000 square foot office at 2601 Victory Park, and creating 1,025 jobs in the city with average wages over $135,000.
Workforce Development Programs
The institution would also be required to create workforce development programs with Dallas College, and other local schools including internships and apprenticeships. Council members lauded the city’s economic development office and city manager’s office in putting together an incentive package for Scotiabank.
Reactions from Council Members
“Y’all Street belongs in Dallas, Texas,” said District 7 council member Adam Bazaldua during the meeting. District 14 council member Paul Ridley said the effort plays to Dallas’ strengths as a financial powerhouse. The city has already drawn the likes of Goldman Sachs, the New York Stock Exchange and the Texas Stock Exchange.
A Huge Win for the City
“Bringing Scotiabank to Dallas would be a huge win for our city and our residents,” District 1 council member Chad West said in an email after the vote. “If selected, Dallas will cement its legacy as a financial hub, add 1,000 high-paying jobs and create workforce development partnerships with local schools. These jobs — and the associated property and sales taxes they will generate — will help our city deliver critical services without raising taxes.”
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Conclusion
The approval of the incentive package for Scotiabank is a significant step forward for the city of Dallas. With the potential to bring in over 1,000 high-paying jobs and $60 million in capital investment, this deal could be a huge win for the city and its residents. As the city continues to grow and develop, it’s clear that Dallas is cementing its legacy as a financial hub.
Frequently Asked Questions
Q: What is the incentive package for Scotiabank?
A: The incentive package includes a $2.7 million economic development grant and a ten-year property tax break. Additionally, the 2.9-acre parcel selected for Scotiabank will receive special designations that entitle it to other incentives, including state tax refunds.
Q: How many jobs will Scotiabank bring to Dallas?
A: Scotiabank is expected to create 1,025 jobs in the city with average wages over $135,000.
Q: What is the capital investment for the project?
A: The capital investment for the project is $60 million.
Q: Will Scotiabank offer workforce development programs?
A: Yes, Scotiabank will be required to create workforce development programs with Dallas College and other local schools, including internships and apprenticeships.
Q: What is the significance of this deal for the city of Dallas?
A: This deal could be a huge win for the city of Dallas, bringing in over 1,000 high-paying jobs and $60 million in capital investment. It will also help to cement the city’s legacy as a financial hub.
