Investment bank Morgan Stanley is officially bringing its next major operations hub to Dallas.
On Monday, city leaders and the office of Gov. Greg Abbott announced that the bank had chosen to open a proposed Uptown location. Morgan Stanley will get an $18.5 million economic development grant from the City of Dallas and two different tax abatements for both phases of the project. One tax abatement will last for five years on 90% of the added taxable value of the business personal property for the first phase, while the other will be a 10-year abatement on 90% of the added taxable value from the second phase.
Additionally, Abbott’s office noted the Texas Economic Development & Tourism Office has extended a Texas Enterprise Fund (TEF) grant of nearly $44 million to Morgan Stanley, plus a Veteran Created Job Bonus of $40,000…