At a March 31 meeting, the Hutto ISD board of trustees accepted an application for a value limitation agreement, a kind of tax incentive, in connection with the project.
Sara Leon, attorney for HISD, said accepting the application was only the first step in a longer review process that will last several months. Neither the project nor the agreement are final at this time.
"We'll be coming back as this progresses along—or doesn't—and see where we're at," Board President Billie Logiudice said.
Leon said Applied Materials would invest approximately $2.4 billion in Hutto in connection with the project.
The proposed value limitation agreement would require Applied Materials to invest the first $80 million within a certain time period, after which the project's valuation for HISD maintenance and operation taxes would be capped at $80 million for a further period of time.
Attorneys for the district and Applied Materials will negotiate more precise terms as a part of the review process, according to Leon.
"A big company like this represents a huge opportunity for a town like Hutto," board member Felix Chavez said.
District officials could not confirm a location for the project, but said more information will be made available in the coming days.