The city of Austin approved an economic development incentive with 3billion US Inc.—a South Korean genetic testing company—for the company's first U.S. branch, slated for northwest Austin near Cedar Park. Austin City Council voted in favor of the incentive Feb. 5.
The details
The program will award $1,000 to 3billion for every job the company hires—up to $200,000 in total over a 10-year period. The company is expected to create 200 full-time jobs with an average salary of $95,000, according to a news release.
The city also anticipates roughly $2.3 million in fiscal benefits over 10 years, including property tax, sales tax and utility revenues, the release states.
