Dallas’s reputation as a financial hub could deepen, with the city attempting to lure a major Canadian bank with a lofty incentive package.
Dallas is offering up nearly $5 million in economic incentives to attract Scotiabank, one of Canada’s “Big Five” banks. The move represents one of the largest packages since the Dallas City Council awarded $18 million in incentives to Goldman Sachs Group Inc. in 2023.
The Toronto-based financial institution is considering a 10- to 15-year lease for roughly 100,000 square feet at 2601 Victory Ave. Scotiabank plans to relocate or create more than 1,000 new jobs with the potential move, according to city documents.
Dallas is not the only city vying for Scotiabank’s presence, with Charlotte, North Carolina, also a potential destination for the Canadian financial institution.
Dallas city staff negotiated an economic incentives deal with Scotiabank, which the bank has accepted. The agreement grants a 10-year business personal property tax abatement, covering 90% of the added taxable value from the project. According to the city, the foregone revenue from business personal property tax abatements will total just over $830,000 over 10 years, starting in 2028.
The nearly $5 million economic incentive package also includes a Chapter 380 economic development grant up to $2.5 million for creating or relocating at least 1,000 jobs, plus another $200,000 to cover city permitting fees.
The city has also agreed to nominate the Canadian firm as a Texas Enterprise Zone project, which allows companies to apply for a refund of eligible state sales and use tax paid during the designation period. This could mean Scotiabank is eligible for upwards of $1.25 million as part of the program.
The city estimates Dallas could see nearly $11 million in direct economic impact should Scotiabank set up shop in the Big D.