Dallas Approves Incentives for Canadian Bank

It’s not a done deal yet, but Dallas may have nudged out the competition when it comes to attracting a major Canadian bank to town.

The Dallas Business Journal reports that the City Council passed a measure intended to incentivize Scotiabank to build a large regional office, potentially in Uptown. The Toronto-based financial giant is considering a 10—to 15-year lease for about 100,000 square feet at 2601 Victory Ave., with plans to relocate or create more than 1,000 jobs.

The Scotiabank deal includes a tax abatement and up to $2.7 million in grants. The city estimates revenue foregone from business personal property tax abatements will total $831,308 over 10 years beginning in 2028.

The company still has not confirmed its plans to move forward with a Dallas office. It is reportedly still looking at Charlotte.