Plano’s city council will have their checkbook at the ready tonight to write tech firm Samsung up to $1.79 million in economic development grants.
In return, Samsung Electronics America Inc will locate up to 1,400 new jobs in the Legacy Central business campus on U.S. Highway 75.
The international electronics giant announced earlier this month that it was renting about 215,000 square feet of offices in the 85-acre Legacy Central development for a consolidation of its regional headquarters.
Plano city leaders will vote at their meeting tonight to give Samsung the financial incentives in return for moving their workers from locations in Richardson and elsewhere to the new mixed-use development on U.S. 75 at Legacy Drive.
"Electronics Co., Ltd. and plans to add $10 million of real property improvements and $5 million of business personal property," at the new office, according to Plano economic development officials.
To get the economic development grant, Samsung must bring 1,021 jobs to the campus by mid 2019 and 379 additional by 2021.
Samsung is moving to the former Texas Instruments campus where Los Angeles-based developer and investor Regent Properties is spending $100 million for redevelopment.
Regent Properties bought the 4-building former TI campus in 2016 and is remodeling the existing buildings and adding new parking, retail, apartment and hotel buildings.
The Samsung deal is one of the biggest office leases signed in North Texas so far in 2018.