Sherman enticing Texas Instruments with tax cuts
SHERMAN, Texas (KXII) - Sherman is one of two finalists for a new Texas Instruments manufacturing plant.
The proposed plant would be a semiconductor wafer fabrication facility to create a 300-millimeter semiconductor wafer.
Texas Instruments said they could sell them worldwide for use in everything from automobiles to electronics and more.
The current Texas Instruments facility makes 150-millimeter semiconductor wafers, but just last year, they announced this facility would close.
The new manufacturing plant would be located on the existing 560 acre site in Sherman.
The Texas Instrument’s application for property value limitation breaks down more information about the potential new plant, including an agreement with Sherman ISD that would explain how much the company could expect to pay in property taxes.
The document shows that SISD could ask for Texas Instruments to pay 80 million dollars in property taxes.
One district officials said it would be over a 15 to 16 year period.
Under the Texas Tax Code 313, SISD can offer a value limitation on the appraised value of a property, like the one Texas Instrument is interested in putting their new plant at.
“We’ve had a long long history with Texas Instruments, and we’re putting together a package that I think they’re really gonna like and really feel like this is the place for them, said Sherman Mayor David Plyler. “It’s located near their main office in Richardson. We’ve got a lot to offer here in Sherman, so I’m hoping that all these things added together will tilt the skills in our direction.”
The Sherman Mayor said the city, county, school district, and Grayson College are working together to offer deals like tax, infrastructure, and economic incentives to convince Texas Instruments to choose to locate the plant in Sherman instead of their competitor-Singapore.
“The fact that we’re competing against Singapore for this level of manufacturing facility speaks very highly of how well our policies are working,” said Plyler.
Texas Instruments could decide by the end of the year if they choose Sherman.
The application for property value limitation shows they will roll out at least a four-phase plan.
Plyler said they might consider adding two more.
The first phase alone could start construction next year and bring 6.5 billion dollars in investments to the area.
Equipment installations would begin in 2024, and commercials operations would start in 2025.
“To give some perspective, this is 15 times larger than the Panda Power facility, so it’s a huge, huge facility just phase one for our area,” said Plyler.
All four phases put together would bring in more than 29 billion dollars in investments.
The remaining phases could all expect to see construction start in 2028.
Each would see different years for the commencement of equipment installations and commercial operations.
The fourth phase could begin operations in 2039.
Additionally, each phase will require at least 800 employees.
Texas Instruments also said they’d need up to 75 on-site vendors and contractors.
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