An Irving City Council voted on Thursday to have 7-Eleven's headquarters move from downtown Dallas, Tex. to Irving.
People informed on the decision said 7-Eleven will re-locate to a custom-built campus in north Irving by the end of 2016, according to Dallas News. However, the move will only go through if the council approves over $7 million in tax breaks.
"It's aggressive on the part of the city," said Steve McCullough, interim city manager. "The opportunity to attract a corporate headquarters of a nationally recognized firm is always a great opportunity."
Irving Mayor Beth Van Dyne said moving the convenience retail company to Irving would be a huge deal for the city, Dallas Business Journal reported.
"We would be thrilled to have them," Van Dyne said. "They are a fantastic international corporation that would fit right in with Irving. The location is key ... I'm optimistic."
As part of the deal, the company must generate over $15 million in annual taxable sales and keep over $1 million in business personal property at the new corporate office. 7-Eleven would sign a 15-year lease for the office, Dallas Business Journal reported.
The company has been based in Dallas for decades, but has been looking to leave and build a new headquarters. Receiving a package of tax breaks negotiated by Irving City Hall and the chamber of commerce provides that opportunity, Dallas News reported.
If the deal is approved by the council, 7-Eleven will be exempt from most property and sales taxes for a few years, which would provide the company with at least $830,000. Irving will use tax breaks to refund developer Billingsley Co. up to $6.4 million to build a 300,000-square-foot campus off LBJ Freeway at Ranch Trail. The money will be refunded mostly for costs in infrastructure.
7-Eleven would hold up its end by employing at least 800 workers with an average salary of $100,000 or more at the new campus, Dallas News reported. Officials stated that the deal would bring in at least $10 million for Irving.
