Dallas City Council Approves Morgan Stanley Incentive Agreement

Dallas Mayor Eric L. Johnson issued a statement after City Council approved an economic incentive agreement with Morgan Stanley, as the company considers a new operational hub in the area.

The city put out a press release with Johnson's statement after the vote on Wednesday. According to the meeting agenda, council approved $18 million in economic incentives for Morgan Stanley in the event that it builds a $1.3 billion tower in Dallas.

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In his statement, Johnson wrote, "Morgan Stanley's engagement with Dallas speaks to the strength of our financial services ecosystem, and I look forward to welcoming the firm to Y'all Street."

He continued, "We have worked hard to make Dallas America's most pro-business city. This has been such a strong focus of mine, in fact, that in April I personally led a delegation of Dallas business and civic leaders to New York City to meet with some of Wall Street's leading financial firms and make the case for investing in Dallas."

Now, he said, Morgan Stanley is considering Dallas for a new, large-scale U.S. operational hub that would bring $780 million in capital investment and create up to $4,800 new, high-paying jobs.

"Y'all Street is more than a slogan," Johnson wrote. "My administration is intent on growing Dallas's financial services sector in order to power a thriving economy that benefits all Dallas residents. I am grateful to my colleagues on the Dallas City Council for supporting that vision."