The Arlington City Council has approved a 10-year tax abatement for Texas Trust Credit Union, allowing them to receive up to 75% off their property taxes for the next decade. This incentive was granted in order to support the credit union’s move to Skymark Tower at 1531 North Cooper St.
Last summer, the Dallas Business Journal reported that Texas Trust Credit Union had purchased the tower out of bankruptcy for $8.7 million. The plan is for employees to relocate and occupy the entire 124,000-square-foot building within the next year and a half. As part of this move, they also intend on painting the top of Skymark Tower in their signature blue color.
Although currently based in Arlington at 5850 W I-20, management states that they have outgrown their current location which houses approximately140 employees including those working at their call center.
In order for Texas Trust Credit Union to receive these tax abatements from Arlington city officials, they must invest a minimum of $15 million into building improvements and fully occupy Skymark Tower by January 1st2026.These upgrades include updates such as HVAC systems and elevators as well as renovations both inside and outside including lobby enhancements.The agreement also stipulates that by July1st2026,Texas Trust must create an additional175 jobs while also contributing$200k annually towards local philanthropic events or organizations.This decision marks another step forward towards solidifying this relocation project between all parties involved.
