City of Sherman pushes forward with incentive package for T.I. manufacturing facility
SHERMAN, Texas (KXII) - The city of Sherman is one of two finalists for a 14 billion dollar manufacturing plant for Texas Instruments.
Monday night during city council, members approved an incentive package they’ve been putting together with hopes of winning the industry’s new home.
The council allowed for public comment on their part of the package: property tax cuts, but no one spoke out in opposition, so they voted to keep going with it.
Sherman Mayor David Plyler says the next step is getting the school district, the city, Grayson College and Grayson County to all approve the sales tax cuts, and then when all the pieces are together they’ll present to the company.
“Hopefully in a few weeks we can present T.I. with our final package,” said Mayor Plyler. “And they can ultimately make their final decision on the last two places on their list.”
Sherman is competing with Singapore for the tech-giant’s new manufacturing plant home.
“We’ve used terms like game changer and things like that, but this would be a huge thing for Sherman, a nation-wide type announcement,” Plyler said.
With their headquarters in Dallas- just 60 miles south of Sherman, the company announced last year they would be closing the preexisting Sherman plant between 2023 and 2025.
“It’s gonna get the attention of people like Elon Musk- this will be one of the top 6 manufacturing plants in the US in relation to size,” said Plyler.
Some of the eye-catching items in the package include an over 500 acre project site, deals on tax infrastructure and economic incentives. The mayor says if T.I. chooses Sherman, it would bring thousands of jobs to the city.
T.I. is expected to make a decision by the end of 2021.
“It’s going to be big for Texas, big for the south and we’re going to be known as the high tech part of the southern corridor,” said Plyler.
If selected the project will be completed in four phases, with installations beginning as early as 2024 and construction in 2028.
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