Dallas Mayor Eric L. Johnson welcomes new Morgan Stanley hub to Dallas
DALLAS—On Monday, September 28, Dallas Mayor Eric L. Johnson welcomed Morgan Stanley’s new U.S. hub to Dallas. Following an economic development incentive agreement offered by the City of Dallas and a Texas Enterprise Fund (TEF) grant extended by Governor Greg Abbott, Morgan Stanley announced that it has chosen Dallas as the home of its new U.S. hub.
Morgan Stanley—a global financial services firm providing banking, securities, wealth management, and investment services—is establishing a new U.S. hub in Dallas that will bring over $1.3 billion in direct and indirect capital investment and create more than 3,800 jobs.
Following the announcement, Mayor Johnson released the following statement:
“Dallas’s selection as the home of Morgan Stanley’s new $1.3 billion operations hub is a landmark investment in our city and another defining moment in the rise of Y’all Street. It will create thousands of high-quality jobs, expand opportunity for Dallas residents, and further strengthen our position as one of America’s leading centers of finance and business.
“This decision reflects the strategy we have pursued for the last seven years: maintaining a competitive business environment, developing a deep and talented workforce, and building a city where major employers and their people can thrive. I am proud to welcome Morgan Stanley to Dallas and grateful for its extraordinary vote of confidence in our city.
“The message to the business world is unmistakable: Dallas is where ambitious companies come to invest, grow, and build for the future.”
Authorization for an economic development incentive agreement was unanimously approved by the City Council on June 24, in alignment with the City of Dallas Economic Development Incentive Policy. The City Council resolution authorizes:
a) A 5-year city tax abatement on 90% of the added taxable value of the business personal property resulting from Phase 1 of the project
b) A 10-year city tax abatement on 90% of the added taxable value of the business personal property resulting from Phase 2 of the project
c) An economic development grant up to $18,500,000 based on actual jobs created with the project
Additionally, the Office of the Governor - Texas Economic Development & Tourism Office has extended to Morgan Stanley a Texas Enterprise Fund (TEF) grant of $43,849,500 and a Veteran Created Job Bonus of $40,000.
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