Dallas City Council is considering offering millions in economic incentives to entice a Canadian banking powerhouse to set local roots.
Scotiabank, formally The Bank of Nova Scotia, is one of Canada’s largest banks and among the largest financial institutions in the world.
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On Wednesday, Dallas City Council will vote on an incentive agreement with Scotiabank for a new Dallas regional office, including a 10‑year property tax abatement and up to $2.7 million in economic development grants.
D-FW Real Estate News
In exchange, the bank will take space at a 100,000-square-foot property at 2601 Victory Ave. in Dallas’ Victory Park neighborhood, creating over 1,025 jobs, at least 25% of which must be Dallas residents.
The city is additionally considering heaping multiple special designations on the parcel selected for Scotiabank that will entitle it to more economic incentives, including state tax refunds.
To qualify for the incentives, average wages at Scotiabank’s Dallas digs would have to top $135,000.
The city’s proposed agreement also stipulates Scotiabank would be required to provide internships or apprenticeships to students at Dallas College. It would also be required to pick another partner from either Paul Quinn College, UNT‑Dallas, Dallas ISD or Richardson ISD.
The agreement justifies the economic incentives being offered by noting the city is competing with Charlotte, N.C. for Scotiabank’s regional office hub.
If Scotiabank decides to make Dallas its American hub, its name will be added to a growing roster of global financial powerhouses with firm local roots.
Other players include Goldman Sachs, the New York Stock Exchange and the newly minted Texas Stock Exchange, to name a few.
Scotiabank offers personal, commercial, corporate and investment banking to 25 million customers across 30 countries.