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WILLIAMSON COUNTY, Texas (KXAN) -- Williamson County commissioners are set to vote Tuesday on an incentive deal that would pay back 65 percent of property taxes to Apple over 15 years so that the tech giant could expand its operations in north Austin.
Apple announced Thursday that it would spend $1 billion to build a second campus in Austin and create 5,000 new jobs. The proposed site for the 133-acre building is located on the Williamson County side of the city on an undeveloped property near Parmer Lane and McNeil Road.
Contract - Williamson - County - Friday - Incentive
According to the proposed contract shared by Williamson County Friday, the incentive deal would begin when Apple hires 700 people and would last for the next 15 years.
Under the Chapter 381 economic development agreement, the county would agree to pay Apple a grant from its general fund each year worth 65 percent of its ad valorem taxes on real and business personal property. Apple, however, would have to spend $400 million on buying land and building its new facility.
Agreement - Apple - Total - Jobs - Timeline
The agreement also stipulates that Apple would have to create a total of 4,000 new full-time jobs during a specific timeline. The company would have to add 600 jobs every two years from the second through the 10th anniversaries of the agreement as well as hire 300 new people by the 12th anniversary of the agreement.
If Apple creates less than 70 percent of the jobs required during those specific time periods, then the agreement states the grant the company receives from the county will be reduced proportionately to the jobs actually created.
Agreement - Week - County - Judge - Bill
While he won't be voting on this agreement next week, incoming County Judge Bill Gravell expects the county to see a big return on the investment. He points out the property, as it is right now,...
(Excerpt) Read more at: KXAN
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