The Great White North is one step closer to setting up digs on Y’all Street.
On Wednesday, Dallas City Council unanimously approved an economic incentive package aimed at enticing the Bank of Nova Scotia — operating as Scotiabank — to put down roots in Victory Park.
While the council vote doesn’t mean Scotiabank landing in Dallas is a done deal, it heats up the competition on whether the Canadian Big Five banking institution will put up a marquis on Y’all Street — or in Charlotte, N.C.
The incentives approved include a $2.7 million economic development grant doled out in 2028, 2029 and 2031, as well as a ten-year property tax break.
D-FW Real Estate News
Special designations will also be bestowed on the 2.9-acre parcel selected for Scotiabank that will entitle it to other incentives, including state tax refunds.
The terms include a $60 million capital investment in Dallas by Scotiabank, taking up a 100,000 square foot office at 2601 Victory Park, and creating 1,025 jobs in the city with average wages over $135,000.
The institution would also be required to create workforce development programs with Dallas College, and other local schools including internships and apprenticeships.
Council members lauded the city’s economic development office and city manager’s office in putting together an incentive package for Scotiabank.
“Y’all Street belongs in Dallas, Texas,” said District 7 council member Adam Bazaldua during the meeting.
District 14 council member Paul Ridley said the effort plays to Dallas’ strengths as a financial powerhouse.
The city has already drawn the likes of Goldman Sachs, the New York Stock Exchange and the Texas Stock Exchange.
“Bringing Scotiabank to Dallas would be a huge win for our city and our residents,” District 1 council member Chad West said in an email after the vote. “If selected, Dallas will cement its legacy as a financial hub, add 1,000 high-paying jobs and create workforce development partnerships with local schools. These jobs — and the associated property and sales taxes they will generate — will help our city deliver critical services without raising taxes.”