Tax breaks Deloitte University has received incentives from the town of Westlake for its expansion and has requested incentives from Tarrant County.
WHAT IS A TAX ABATEMENT? Companies pay property taxes based on the total appraised value of real property, such as land and buildings, as well as personal property, such as equipment. An abatement allows that appraised value to be reduced by a certain percentage so the owner pays less in property taxes.
Tarrant County Commissioners Court will hold a public hearing at 10 a.m. July 26 to consider a proposed 10-year property tax abatement for Deloitte. The hearing will be held as part of the commissioners’ weekly meeting. Visit www.tarrantcounty.com/en/commissioners-court.html for more information about the meeting. INCENTIVES TO EXPAND: Westlake Town Council approved an incentive agreement last year in connection with the proposed expansion for Deloitte. The company will receive grants that reduce the amount of sales tax receipts, hotel occupancy taxes and property tax revenues that Deloitte will be required to pay on the new facilities.
SOURCE: TEXAS COMPTROLLER OF PUBLIC ACCOUNTS/COMMUNITY IMPACT NEWSPAPER
according to documents. Deloitte officials are still working on a master plan for the expansion, but the initial proposal calls for eight new structures as part of a $100 million project, officials said. Another Deloitte Senior Manager Stephen Seidel said the expansion would include hotel rooms, classrooms, ballrooms, food and bever- age outlets, entertainment venues, trails, streets, sports fields and sidewalks. “It’s everything,” he said. Construction is set to start in 2023 and be completed by 2026, documents show. When Deloitte University was first built, it received financial incentives from the town of Westlake and Tarrant County. Westlake and the
county both offered property tax abatements. Westlake also offered reductions on sales tax receipts and hotel occupancy taxes. Maegan South, Tarrant County’s economic develop- ment manager, said the coun- ty’s 10-year tax abatement for the initial Deloitte campus expires this year. That puts the property’s full appraised value of more than $131 mil- lion on the tax rolls, she said. Based on the county’s tax rate of $0.229 per $100 valuation, the company’s annual tax bill to Tarrant County would be nearly $302,000. The company is seeking a new tax abatement from the county based on its latest proposal. A public hearing is set for 10 a.m. July 26.
Westlake Town Council approved a series of incen- tives in March 2021. The agreement requires the addition of at least 50,000 square feet and project costs of more than $70 mil- lion. In return, Deloitte would receive a 10-year tax abatement on new con- struction as well as a break from the town on sales taxes and hotel occupancy taxes in connection with facili- ties built after January 2021. Deloitte would also receive a 50% discount on permit fees from the town. Tarrant County commis- sioners will consider the company’s request after a July 26 public hearing. Deloitte is requesting a 75% property tax abatement for
10 years—the same incentive it received when it first built its Westlake campus. In June county staff pro- posed a base 55% tax abate- ment for 10 years. Deloitte would be eligible for up to a 75% tax abatement if it meets certain criteria, includ- ing adding more jobs and spending more through a program that benefits small, minority- and women-owned companies. As part of its expansion, Deloitte has committed to achieve net-zero emissions
by 2030, Seidel said. The Westlake acreage includes Blackland Prairie and is part of the Cross Tim- bers ecological region, Seidel said. Expansion plans are being designed to protect much of that native area and include planting more than 2,000 trees, Seidel said. “It’s just a really beauti- ful piece of property, and we want to preserve it,” he said.
For more information, visit communityimpact.com.
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