Council Nominates Bank of America as an Enterprise Project Under the Texas Enterprise Zone

Bank of America, located at 16001 Dallas Parkway in Addison, formally requested a nomination from the Town of Addison to be considered as a Texas Enterprise Zone Project to the Office of the Governor Economic Development & Tourism through the Texas Economic Development Bank. Bank of America is also Addison’s largest private employer with 2,202 existing jobs and occupies 554,176 square feet of space. Council approved the nomination at its November 21 meeting.
 
The company is planning a $7.8 million capital improvement renovation of their facility plus another $5.2 million for furniture, fixtures, and equipment in Addison and is applying to the State of Texas for Texas Enterprise Zone designation. As part of this remodel, the company will create an additional 10 new full-time jobs and retain 490 full-time jobs in their global technology and operations center to support the bank’s global operations.
 
The Texas Enterprise Zone Program is a state supported and managed incentive program to encourage private investment and job creation in economically distressed areas or for companies who employ individuals from economically distressed areas. If selected by the State of Texas, the company would qualify for up to $1,250,000 in state sales and use tax refunds on the renovation of their location in Addison.  
 
There is no impact to the Town of Addison aside from the increase in value of the property after it is renovated. This program is also a great retention tool that can be used by local companies. As part of the application process, the Town of Addison was required to hold a public hearing and pass a resolution supporting the project. Communities our size can nominate six projects per year, but the state will only approve 105 projects per biennium. The last Texas Enterprise Zone Program nomination from the Town of Addison was made in 2011 for Mary Kay Cosmetics.