What’s happening
Micron Technology is an appealing company for Richardson, City Manager Don Magner said, adding that it’s a Fortune 500 company and “highly aligned" with the city’s economic development strategy.
“We’re real excited [Micron Technology] is going to plant a flag in Richardson,” Magner said.
Additionally, Magner said the addition of the company fits in the city’s commercial office real estate strategy, part of which includes helping property owners close the tenant improvement gap.
In total, the city is offering a $300,000 tenant improvement grant split in two payments. The first phase includes a $100,000 grant paid after the company signed its lease and invested $3 million in improvements. The second phase is a $200,000 grant paid after Micron invests an additional $15 million.
“It helps them get the site established and activate the site and as they grow, we’ll be supporting them with grants so they can continue their significant investment in capital,” Magner said.
The backstory
Micron Technology creates semiconductor memory and storage, and will bring about 250 jobs to the city, per the release.
The tech company operates in 30 cities worldwide with a team of about 50,000 employees, the release states.
"As the only U.S.-based manufacturer of memory semiconductors, Micron is excited to continue to grow our R&D capability in Texas, with a focus on enabling future industry leading memory products,” Scott DeBoer, Executive Vice President and Chief Technology and Products Officer at Micron said in the release. “By establishing our product development teams in the Richardson Innovation Quarter, we look forward to tapping into its strong ecosystem of innovation and actively participating in the Richardson community."
The company will be located at 1500 N. Greenville Ave. and plans to invest $30 million in the first two years to fund tenant improvements and the addition of furniture, fixtures and other equipment.
The announcement is part of a an incentive from the city of Richardson’s Economic Development Department, which invites businesses considering expansion or relocation to apply for a range of incentives and grant opportunities for the following:
- Building modernization
- Tenant improvement
- Permit fee waivers
- Job creation
“Micron is a really good fit for Richardson and for the IQ,” Magner said. “It’s going to be a great addition to the innovation ecosystem we’ve created. They will be great collaborators with many of the other businesses that are there and [The University of Texas at Dallas].
