From outside the Governor's Mansion on Nov. 23, Gov. Greg Abbott confirmed they will locate a $17 billion, 6 million-square-foot plant that will bring 1,800 higher-paying jobs in eastern Williamson County.
Dr. Kinam Kim, VIce Chairman and CEO of Samsung, sat beside Abbott while Abbott said the deal constitutes the largest foreign investment in the history of Texas.
"Samsung has chosen Taylor, Texas as the site of its new, state-of the-art, semiconductor chip fabrication plant," Abbott said. "I want you to know, Texas is grateful that you chose Texas for this project."
The announcement came roughly 11 months after Samsung began scouting the area back in January.
Williamson County beat out a host of other contenders vying for the lucrative deal, including Austin in Texas; Goodyear, Arizona; Genesee County; New York; and South Korea, where Samsung has its headquarters.
The approximately 1,288 acres of property for the project is south of Hwy. 79 and west of FM 973, southwest of downtown Taylor.
The project includes $6 billion in infrastructure, land and building costs and $11 billion worth of personal property, machinery and equipment.
Since leadership from Williamson County, Taylor ISD and the city of Taylor began approving economic agreements in September, only Taylor ISD has modified their initial offer to cap land valuation on the estimated taxable value for TISD maintenance and operations ad valorem tax proposed at $80 million per year for 10 years beginning in 2024.
Called a Chapter 313 limitation from the Texas Tax Code, the valuation cap was an added enticement for Samsung to locate its facility in Taylor.
Through that deal, Samsung expected $314.11 million in savings from years 2022-38 due to the 10-year cap, according to district documents.
However, the Nov. 15 action taken by the TISD board of trustees does not appear to change financial benefits to Samsung.
By approving the agreement, the district created Reinvestment Zone 2021-001 within the property boundaries.
A Chapter 381 agreement calling for Williamson County to reimburse 90% of ad valorem taxes paid by Samsung over the first 10 years remains unchanged.
Also unchanged is a Sept. 8 development agreement with the city of Taylor that gives the company tax abatements of 92.5% for the first 10 years, 90% for years 11-20 and 85% for years 21-30 as long as conditions of the agreement are met.
On Sept. 9, Taylor City Council met in back-to-back meetings to designate the 1,288 acres of property in the city’s extraterritorial jurisdiction as a TIRZ, which allows the city to abate property taxes to the property owners.
As part of the agreement with Williamson County, Samsung must have the 6 million-square-foot facility completed with a certificate of occupancy by Jan. 31, 2026 with staggered construction goals. The initial phase of construction for 2.5 million square feet must be open by December 2023, and Samsung must also create 1,800 full-time positions, also staggered during progression of the build-out.