The amended and restated document that the district voted on was originally filed in May, according to a statement by Texas Instruments on Nov. 5.
“Our plans remain the same: we anticipate starting construction in the next few years,” the statement said. “Exact timing of factory construction, tool installation and the addition of several hundred jobs to support the new factory will be influenced by market demand and other factors.”
The agreement does not explicitly mean that construction will be delayed until 2025, as it could happen sooner or later, depending on market demand and other factors, the statement also said.
PISD trustees voted earlier this year to enter into a 10-year tax agreement with Texas Instruments for the company’s manufacturing facility expansion project. The company has proposed over $3 billion in investments for the expansion project, as previously reported by Community Impact Newspaper. The proposed 864,000-square-foot expansion will include a chip-manufacturing facility and a parking garage.
The agreement limits the taxable value of the expansion project to $100 million per year for 10 years. In that time, the company would send $2 million per year to PISD, according to district documents.
Trustees voted 6-0 to approve the amended and restated agreement, with trustee Tammy Richards abstaining.
Texas Instruments also reached an agreement with the city of Richardson earlier this year for reduced annual property tax payments during its second phase of development. Richardson will also uphold a piece of an original deal with the company that reduces Texas Instruments’ real property taxes—or taxes levied on real estate—by 75 percent annually over a 10-year period, as previously reported by Community Impact Newspaper.