Authorize (1) designating approximately 2.9 acres of property currently addressed as 2601 Victory Avenue as the City of Dallas Neighborhood Empowerment Zone No. 23 (“NEZ No. 23”), pursuant to Chapter 378 of the Texas Local Government Code, to promote an increase in economic development in the zone, establish boundaries for the zone, and provide for an effective date for the zone; (2) an economic development incentive agreement with The Bank of Nova Scotia or an affiliate thereof (“Scotiabank”) to include: (a) a business personal property (“BPP”) tax abatement for a period of ten years in an amount equal to the City taxes assessed on ninety percent (90%) of the added taxable value of the business personal property resulting from the Project and (b) a Chapter 380 economic development grant in an amount not to exceed $2,700,000.00 consisting of: (i) an amount not to exceed $2,500,000.00 for job relocation and/or creation and (ii) an amount not to exceed $200,000.00 for fees associated with expedited permitting and soft cost expenditures, in consideration of the job creation and investment associated with Scotiabank’s establishment and operation of a new regional office at 2601 Victory Avenue in NEZ No. 23; and (3) the City’s nomination of Scotiabank’s Project for designation as an Enterprise Zone Project under the Texas Enterprise Zone Act, as amended by the Office of the Governor, Economic Development and Tourism division, through the Texas Economic Development Bank; in accordance with the City’s Economic Development Incentive Policy - Total not to exceed $2,700,000.00 - Financing: Public/Private Partnership Fund, and Estimated Revenue Foregone: $831,308.00 over a ten-year period (see Fiscal Information)

What this record is

Held by

Bank of Nova Scotia

Amount

$2.70M

Runs until

June 10, 2036 10 years away calculated from the contract term stated in the record

Type

contract

See everything else expiring in this field →

Read automatically from the title of the official record. The source document below is authoritative.

Committee

Office of Economic Development

Introduced

June 10, 2026

On agenda

August 27, 2026