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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 a chapter 380-style economic development grant of up to $2.7 million (up to $2.5 million for job relocation or creation incentives, and up to $200,000 to cover expediting and soft costs). The city will also nominate the Scotiabank project for state enterprise-zone designation.
Why it matters: City leaders described the agreement as a major corporate relocation expected to bring more than 1,000 jobs to Dallas, with a stated objective that at least 25% and up to 40% of those jobs be filled by Dallas residents. Council members said such corporate relocations increase the local tax base and help support city services without raising property taxes.
Council discussion: Councilmember Chad West, who moved the item, called the potential relocation “a huge win” for the city and highlighted workforce-development partnerships embedded in the package, including agreements with Dallas College, Paul Quinn College and the University of North Texas at Dallas. Other council members praised the economic development team, city staff and private partners for closing the deal.
Vote and record: The council approved the item by roll call; all 15 council members voted in favor.
Funding and oversight: The $2.7 million in grants will be subject to the city’s economic development and incentive policy and will be paid from the city’s economic development funds in accordance with contract terms and performance commitments. The NEZ designation and grant agreements include reporting and workforce development provisions described in the staff memo.
Ending: Council members framed the measure as an effort to increase local jobs, expand the corporate tax base, and position Dallas to attract further financial‑services employers.
