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IRVING, Texas -- The Irving City Council is trying to make it hard for 7-Eleven Inc. to say "no" to relocating its headquarters from nearby Dallas.
At its April 3 meeting, council members took up a resolution for an "economic incentive agreement between the City of Irving and 7-Eleven Inc. in an amount dependent upon annual qualification" in a bid to lure the convenience store retailer. The measure passed by an 8-to-1 vote.
According to the Dallas Business Journal, the relocation of 7-Eleven would bring 1,250 employees to Irving and would be a significant addition to the city. "I applaud city staff and the Greater Irving-Las Colinas Chamber of Commerce for their diligent work on this project," Irving Mayor Beth Van Duyne said.
7-Eleven is reportedly considering a move of its corporate offices to a new 300,000-square-foot office campus with a 500-car parking garage at the northwest corner of Ranch Trail and Interstate 635 in Irving, the business journal reported.
The approved incentive package requires 7-Eleven to generate more than $15 million in annual taxable sales and keep more than $1 million in business personal property at the new corporate office, where it reportedly plans to sign a 15-year lease. To qualify for the incentives, 7-Eleven would need to move its corporate offices to Irving by Dec. 31, 2016, the report added.
According to the Dallas Business Journal, the economic development agreement is being offered as part of an incentive agreement with Crow-Billingsley 635 Beltline Ltd., an affiliated company of Dallas-based development firm Billingsley Co. The total reimbursement to Crow-Billingsley is capped at a little more than $3.96 million.
7-Eleven has been headquartered in central Dallas for decades and has occupied its current 240,000-square-foot home in the downtown Arts District for six years. Billingsley Co. owns 7-Eleven's current home, as CSNews Online previously reported.