Proposed site for Toyota HQ
PLANO -- Some big business announcements are expected out of Plano on Monday.
The Plano City Council is expected to vote on incentives for Toyota's headquarters coming to town. Plano already paid a cash grant of up to $6.75 million.
The state is providing $40 million for the deal, and in turn Toyota will create or transfer more than 3,600 full-time positions by December 2018. If they do, they will receive another grant totaling $750,000.
The council will also vote on a reinvestment zone, or geographic boundary, where tax abatements can be enacted. They will approve a 50 percent abatement over the next decade once a zone is chosen. The City of Plano says it will collect taxes from Toyota and give them a 50 percent rebate.
The city council meeting is at 7 p.m. Monday.