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The details of the city's economic package were not immediately available Monday afternoon when Mayor Harry LaRosiliereaddressed members of the media in a press conference at Plano's city hall.
"This went above and beyond incentives,"LaRosiliere told the Dallas Business Journal after the press conference. "Incentives are the first thing expressed, but really in the scope of a company this size and what the incentive means over the next 15, 20 or 30 years is really a drop in the bucket. They really want to be in the right place for their employees."
Toyota has been in California since 1957, when it set up its first U.S. headquarters office in Hollywood. Now, Toyota says is plans to relocate about 2,000 employees atToyota Motor Sales U.S.A. Inc. in Torrance, Calif., as well as 1,000 employees at Toyota Motor Engineering & Manufacturing North America Inc. in Erlanger, Ky., and certain employees at Toyota Motor North America in New York, N.Y.
The majority of the employees will not move until construction on Toyota's new headquarters is completed in late 2016 or early 2017.
LaRosiliere, and other members of Plano's City Council, have been working with Toyota on its possible relocation since February. The City Council has discussed possible economic incentives to offer the automaker for the relocation, but the details of those incentives won't be discussed until Plano can hold a public hearing and vote on the incentive package on May 12.
On Monday, the Texas Enterprise Fund -- which is part of Texas Gov. Rick Perry's efforts to recruit and bolster business in the Lone Star state -- offered Toyota an economic incentive of $40 million for the corporate campus, which is expected to top more than 1 million square feet of space. Plano hasn't disclosed the details of its city incentives it plans to offer Toyota.
Along with incentives, Plano is also staying quiet about the exact location of Toyota's new corporate campus, although it is expected to be located in Legacy West, a soon-to-be developed $2 billion mixed-use development near Legacy Drive and State Highway 121 in West Plano.
"There are still some loose ends that haven't been tied up," LaRosiliere said.
Right now, the City Council's sentiment -- which wants to make Toyota an economic incentive offer -- isn't likely to change.
"Historically, all of our city councils have been extremely pro-business and are mindful that making incentives are an effective part of bringing companies into Plano," said Sally Bane, director of economic development for the City of Plano. "That has never changed and I don't think it will ever change."
He added the company would rely on workers throughout North Texas and helps bolster Dallas-Fort Worth, which markets itself as a regional entity.
Plano is "maxed out," of residential-zoned land ready for development, which means the city will rely heavily on neighboring cities to supply homes to Toyota employees, LaRosilieretold me.
"We'd love to house everyone here, but realistically, we don't have enough land to house them here," he told me. "We are pretty much built out residentially, but a stronger Frisco is a stronger Plano and a stronger Richardson is a stronger Plano. It all adds up and that's how we market ourselves effectively. It's not just ourselves in our city borders, but all the cities around us."