WELCOME, SAMSUNG
ONCE AGAIN, EVERYTHING IS BIGGER IN TEXAS How Williamson County Landed the Largest Economic Development Deal in Lone Star History
by Ann Marie Kennon and Charlotte Kovalchuk
rendering credit: Samsung
O
n November 24, Samsung officially announced Taylor, Texas was the winning site to expand their semiconductor operations. In the final stages, Taylor eclipsed two locations in Arizona and one in New York. Earlier in the process, Samsung presciently published an economic impact study, which stated, “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.”
JUST HOW BIG IS IT?
CHAPTER 381 AGREEMENT
When complete, the Samsung Taylor plant will span more than 6 million square feet.
A Chapter 381 agreement is a performance-based agreement to provide incentives to stimulate, encourage, and develop business and commercial activity in a county. Incentives are paid or activated based upon the developer meeting specific objectives. In Williamson County’s agreement, Samsung will construct a minimum of six million square feet of facilities, with incremental deadlines, by January 31, 2026. The company also must create 1,800 full-time jobs. If these
conditions are met, the county will grant Samsung an amount equal to 90 percent of ad valorem taxes paid by the company for the first 10 years of the agreement. For the second 10 years of the term, the County will grant an amount equal to 85 percent of ad valorem taxes paid by the company. Precinct 4 Commissioner Russ Boles said, “This agreement is a win for Williamson County because it is performance based. Williamson County will collect all taxes on the assessed value of the company and does 2021 • ISSUE 3 | WILCO BUSINESS REVIEW
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