CORINTH — The City Council is expected to give approval tonight to an incentive package valued at close to a half-million dollars or more to help clinch a deal to bring Denton Area Teachers Credit Union’s corporate headquarters to Corinth.
The move would bring about $12 million in taxable value to Corinth and about 75 full-time employees, according to city documents. DATCU is currently based in Denton.
If the council approves the package, the headquarters would be located at 5940 Interstate 35E on the northwest corner near Corinth Street, officials said.
The move to bring DATCU to Corinth could promote and expand business development, according to officials.
“We’re really excited to have them here,” City Manager Rick Chaffin said. “The fact that they picked us when they could’ve picked and relocated to a number of other cities, I think, speaks highly of Corinth.”
The incentives include an abatement of 50 percent of the real property taxes levied for five years, a development grant of $150,000 for the project and another grant of $200,000 to offset impact fees related to the project. The Corinth Economic Development Corporation is recommending to the council that the incentives be approved.
City staff has also been working with DATCU on site and building specifics, which will be presented to the council and the Planning and Zoning Commission for approval.
The economic development corporation has been negotiating with DATCU since August regarding incentives and the relocation of the headquarters. The funding for the grant will come from corporation development funds.
DATCU started in Denton in 1936 as a credit union for teachers and has now spread to have about $700 million in assets, according to Dale Kimble, DATCU’s chief executive and president.
The council meeting begins at 7 p.m. at Corinth City Hall, 3300 Corinth Parkway.
JOHN D. HARDEN can be reached at 940-566-6882 and via Twitter at @Jdharden.