Plano is one of the best places to live in America, according to Time Inc.’s Money magazine.

The city, home to a little over 275,000 people, was listed as the third-best place to live in the country, ranked behind No. 2 Eden Prairie, Minn., and No. 1 Columbia, Md.

The magazine also tapped Plano as the best place to live in the state,  a new category that looked at communities with at least 50,000 residents.

“Receiving this recognition is an acknowledgement of long-term and intentional decisions by our City Council Members, superior execution by our staff and the realization that Plano is a Big City and a Strong Community,” Mayor Harry LaRosiliere said in a written statement.

The city, deemed by Money as  a”corporate center with a small-town vibe,” is home to dozens of corporations such as J.C. Penney and Frito-Lay. And it will soon be home to Liberty Mutual, JPMorgan Chase and the North American headquarters of Toyota.

“With 200,000 jobs and another 20,000 expected within five years, Plano isn’t just living up to its nickname, ‘A great place to do business.’ It’s giving Dallas, 20 miles south, a run for its corporate money,” the magazine said.

The magazine also noted the city’s low crime rate and some of the lowest taxes in the region.

In a video posted to the website, Money Editor-at-Large Marc Peyser said his team started with 823 cities and whittled them down based on 60 factors including jobs, home prices, affordability, diversity, crime, property taxes and culture. Once the list had been narrowed to the top 50, reporters were sent to all the locations.

“We want people to feel like there are things to do there. We aren’t just looking for bedroom communities, we are looking for homes, so we want to make sure there is open space and theater and little league and things like that,” Peyser said.

Earlier this year, LaRosiliere ushered in what he likes to refer to as Plano 3.0, signifying a new era for the farming town-turned-booming economic hub. The city has been working to redevelop its downtown.

“In the ’80s we were a bedroom community, and in the ’90s we were known as a big suburb,” he said in February. “Today we are our own city, and we compete on a global stage for businesses, and individuals or families looking for a home.”

The other Texas cities to make the Best Cities list were Pflugerville at No. 12, Euless at No. 18,  and Spring at No. 44. Some other growing Collin County cities were noticeably absent.

Ranked on the list since 2008, the city of McKinney claimed the No. 1 spot in 2014. Banners and signs in City Council chambers are a reminder of the recognition that lauded the city as a “hotbed for growth-industry jobs.”

But the city fell off the list this year. McKinney Mayor Brian Loughmiller said he wasn’t surprised, adding that it was “bound to happen,” given development in surrounding cities.

“It’s hard to compete against a Toyota relocating to a city, or the Frisco Star,” he said. “We had our moment.”