Austin proposes $58.5 million deal to win Samsung plant
Kirk Ladendorf and Kate Alexander write in The Austin American-Statesman (obnoxious, but free, registration required -- or try BugMeNot.com):
The City of Austin is planning to make its largest incentives deal ever — $58.5 million over 20 years — to try to win the biggest economic development project in Central Texas history, Samsung Electronics Co. Ltd.'s proposed $3.5 billion chip factory.
The City Council is expected to vote Thursday on the package.
Samsung is considering Austin and several other locations for the factory. The South Korean company has indicated that it will not make its decision until it receives a final package of offers from Austin, Travis County, the Manor school district and the State of Texas.
Monday, the Manor school board received an application for $112 million in tax breaks. The state is expected to ante up about $12 million from the Texas Enterprise Fund, the state's job creation fund. Travis County has not disclosed its offer, but the grand total of all four offers is expected to be $210 million to $225 million.
"This is just another step in a several-step process," Samsung spokesman Bill Cryer said Friday.
posted by Fergie @ 8/13/2005 03:44:00 PM
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