Plano City Council to vote on Toyota incentives

Plano City Council to vote on Toyota incentives

Credit: Getty Images

SAN RAFAEL, CA - MARCH 19: Brand new Toyota cars are displayed on the sales lot at Toyota Marin on March 19, 2014 in San Rafael, California. Toyota Motor Corp has agreed to pay a record $1.2 billion to settle a criminal investigation into safety issues after admitting to misleading American consumers about issues that caused cars to accelerate despite drivers trying to slow them down. (Photo by Justin Sullivan/Getty Images)

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WFAA

Posted on May 12, 2014 at 11:46 AM

Updated Monday, May 12 at 1:33 PM

Proposed site for Toyota HQ

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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.

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