Plano’s city council approves tax incentive for Toyota

The city council of Plano, Texas, has officially approved the incentive packages for Toyota's big move to the city, Manufacturing.net reported. The officials finalized a package worth $6.76 million for the manufacturer's new campus.

To receive the incentive, Toyota will have to reach certain requirements on schedule. It will receive $2.9 million once the company's 1 million-square-foot building is finished and transfers at least 2,900 jobs to the facility by the end of 2017.

Toyota announced a few weeks ago it was restructuring its facilities and moving thousands of its employees to a campus in Plano, a city north of Dallas. The company is investing $350 million to build the new campus, which will become Toyota's headquarters and house corporate, manufacturing, marketing and sales divisions, according to Manufacturing.net.

The move is expected to generate 760 new jobs but this number may increase if current Toyota employees opt not to move with the company, according to CBS affiliate KTVT.

Companies that are relocating to new areas and creating new jobs should partner with manufacturing recruiters to find the most qualified candidates for the open positions.