A planned expansion that was dubbed the city of Richardson’s single-largest corporate investment to date has been postponed.
A groundbreaking for the $3.2 billion expansion of Texas Instruments’ facility at Alma and Renner Roads is now scheduled to happen in third quarter 2021, according to a letter sent by attorneys with Plano ISD to the state comptroller’s office.
Texas Instruments could not immediately be reached for comment, but the letter points to current market conditions as the reason for the delay. The company was originally scheduled to break ground this fall.
Earlier this year, Plano ISD reached a property tax deal with Texas Instruments that would result in significant savings for both entities. Under the terms of the Chapter 313 agreement, the district will receive $20 million over the course of a decade.
In response to the company’s delay, the district submitted an amended application on May 20 to the state’s comptroller’s office that revises the terms of the tax agreement. A June 7 letter to Plano Superintendent Sara Bonser confirmed that the comptroller had certified the amendments.
Plano ISD officials were not immediately available to answer questions on the changes.
The city of Richardson is also poised to receive $72 million in property tax revenue as a result of its own deal with Texas Instruments. A representative was not available to comment on whether its agreement will need to be revised.