Texas Instruments’ announcement to build in Sherman sparks interest among other businesses
SHERMAN, Texas (KXII) - It’s only been one week since Texas Instruments announced they would build a new plant here in Sherman, and the city says it’s already beginning to see how it will affect our region.
This 29 billion dollar production plant deal from TI is enough to make waves by itself.
It will be among the biggest manufacturing plants of any kind in the country.
But not even seven days after the announcement, the city of Sherman said they are seeing a ripple effect of other businesses wanting in on a deal like Texas Instruments’.
“We’ve had a few companies call us and want to come be a part of our business community,” said Sherman Mayor David Plyler.
So far, he said he had received at least five calls from business prospects who want to make Sherman home.
He added it’s mostly high-tech companies.
They either make products similar to TI or support the company by supplying it with materials.
“We’re real fortunate that Sherman is on the screens of so many different companies now, and hopefully that will translate into some new restaurants and shopping and things for our citizens, some quality of life things,” said Plyler.
But this story has played out before.
In 2003, TI said they would build a manufacturing plant in Richardson and supply 1,000 jobs.
When it opened, there were 250 jobs, but TI said they still have plans to build a 3 billion dollar addition to the site.
“We do anticipate them meeting their entire objective here,” said Plyler.
In Sherman, TI said they expect to hire 3,200 people.
But the big tax cuts that were offered to the company to entice them to come to Sherman won’t be given if they don’t make good on that promise.
“They have to spend money to take advantage of an incentive, so if they don’t spend that money, then the incentives are not issued,” said Plyler.
The city said there is about a 50 percent minimum required level of investment built into the incentives.
“If they delayed one of the phases, then our incentives are already set up in case of that, so really it would just delay some of the hiring, some of the construction, some of those kinds of things, but we really feel good where we’re at,” said Plyler.
TI has four phases in their plan for the new plant, and each one will come with a building.
They said the first two phases would start next year, and they will be built on their existing property in Sherman.
Production inside those plants isn’t expected to start until 2025.
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