WILLIAMSON COUNTY, Texas – Williamson County commissioners will vote on Tuesday whether to adopt an economic development program, which provides incentives for Apple.
- Commissioners to vote on incentives for Apple
- Apple building $1-billion campus in North Austin
- Proposed 15-year agreement for property tax reimbursement
On Thursday, Apple announced it will build a $1 billion campus in North Austin and employ 5,000 employees with the capability to grow to 15,000.
The agreement provides benefits for Apple to set up shop in the county, in the hopes the company will enhance business activity locally. If approved, the 15-year agreement will start at the beginning of the first full tax year after the creation of 700 full-time jobs.
Under the program, the company must spend at least $400 million for the property and development of the land. The taxable value of the property must be at least $50 million.
Apple is also required to create 4,000 new full-time jobs, with time requirements. Every two years, 600 jobs must be added until the 11th anniversary, and 300 more by the 12th anniversary.
If the company fulfills the requirements, the county will reimburse them 65 percent of their property taxes from the county's general fund.
"This new expansion is an example of the astounding growth and opportunity that are possible when a company and a community can work together. Apple is truly a part of our Texas family and we are excited that they have chose Williamson County for their new campus," said County administrator Rebecca Clemons during Thursday's press conference.
This agreement can be terminated if Apple does not hold up their end of the bargain.