Dallas Council Approves Scotiabank's New Regional Office and Economic Incentives

The Dallas City Council meeting on August 27, 2025, focused on significant economic development initiatives, including the designation of a new neighborhood empowerment zone and an incentive agreement with Scotiabank.

The council approved the establishment of Neighborhood Empowerment Zone Number 23, covering approximately 2.9 acres at 2601 Victory Avenue. This designation aims to stimulate economic growth in the area, setting clear boundaries and an effective date for the zone's implementation.

Additionally, the council discussed an economic development incentive agreement with Scotiabank. This agreement includes a 10-year business personal property tax abatement, allowing for a reduction in taxes assessed on 90% of the added value of the property. The total financial incentives could reach up to $2.7 million, which comprises $2.5 million for job relocation and creation, and $200,000 for expedited permitting and associated costs.

Council members expressed optimism about Scotiabank's new regional office, which is expected to create over 1,000 high-paying jobs, with a commitment that 25% to 40% of these positions will be filled by Dallas residents. The project is seen as a major win for the city, reflecting successful collaboration between city leadership, economic development officials, and private partners.

The council's approval of these initiatives marks a significant step in enhancing Dallas's economic landscape and attracting corporate relocations, reinforcing the city's commitment to job creation and community empowerment.