AUSTIN (Talk1370.com) -- More details have been revealed on a potential $17 billion next-generation chip fabrication plant Samsung is looking to build, based on documents filed with the Texas Comptroller's office.
The company is seeking more than $1 billion in tax incentives to build the plant at its existing campus in Austin, including abatements from Travis County, the City of Austin, and the Manor Independent School District.
According to the filing, the 7 million square foot plant would be built adjacent to Samsung's existing operations in northeast Austin, where the company owns 640 acres of land. The company says the new plant would eventually create at least 1,800 jobs over the first ten years of operations, with an initial average annual salary of $66,254.
Samsung estimates the plant could have a local economic impact of more than $8.6 billion over its first 20 years of operations.
The company says in addition to Austin, sites in Phoenix and upstate New York are under consideration for the project. "Because of its strong ties to the local community and the successful past 25 years of manufacturing in Texas, Samsung Austin Semiconductor would like to continue to invest in the city and the state," the filing says.
According to the filing, Samsung is seeking a 100% tax abatement over 20 years from Travis County, worth $718.3 million; a 50% tax abatement from the city of Austin that would be worth $87.2 million over five years; a Chapter 313 agreement with Manor ISD that would save the company $252.9 million in property taxes; and additional incentives from the state's Texas Enterprise Fund.