Finisar proposes $3 billion Sherman expansion for new facility
SHERMAN, Texas (KXII) - Another big company, owned by II-VI, is a step closer to sealing the deal on a $3 billion plant for a semiconductor wafer fabrication facility.
“This is an exciting development for Sherman,” said Dr. Bennett.
Finisar joined Texas Instruments and Globalwafers on the growing list of multi-billion dollar projects in Sherman.
“It shows how exciting our community is to the high-tech industry,” said Sherman ISD Superintendent Dr. Tyson Bennett.
Sherman ISD’s school board signed an agreement with Finisar, the tech manufacturing company that makes iPhone components, for an $80 million cap on the company’s tax valuation for the next 10 years.
“This is particularly exciting for our schools because it brings new career pathways to our students to inspire them and trains them for the high-tech industry,” said Dr. Bennett.
According to the company’s application for appraised value limitation, Finisar said it plans to expand on its current 76-acre site, bringing in an investment of $3 billion and a minimum of 700 jobs.
Sherman said that number could rise to 4,000.
“It’s great because it’s bringing high-paying jobs to our community,” said Dr. Bennett. “Also, it’s going to build our economy to be able to continue to increase our infrastructure, our roads, our utilities, new schools. It’s just helping our economy all around.”
The company’s application said it expects to start construction in 2025 and begin operation in 2028.
“Kudos to our city leaders and Sherman Economic Development for bringing these opportunities to our community,” said Dr. Bennett.
The agreement Sherman ISD signed with Finisar will head to the Texas comptroller’s desk.
They can either decide to review and approve or deny it.
If denied, it won’t mean Finisar can’t move forward with an expansion.
It just won’t have the tax value limitation.
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