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Council approves incentive package and tax zone for Scotiabank regional office in Victory Park
Summary
Dallas City Council unanimously approved incentives including a BPP abatement and up to $2.7 million in grants and fees to secure Scotiabank’s new regional office at 2601 Victory Avenue and designated a Neighborhood Empowerment Zone as NEZ #23.
The Dallas City Council voted unanimously on Aug. 27 to attract Scotiabank’s new regional office by creating a Neighborhood Empowerment Zone (NEZ No. 23) and approving an incentive package that includes a business personal property (BPP) tax abatement and up to $2.7 million in economic development grants and fees.
Under the approved package, the city will: designate roughly 2.9 acres at 2601 Victory Avenue as NEZ No. 23, grant a BPP tax abatement for 10 years equal to city taxes assessed on 90% of the added value of qualifying business personal property, and approve…
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